Nutrition group Glanbia has reported a 23.1% increase in revenue in the first nine months of its financial year, on a constant currency basis, with much of this growth (+20.9%) driven by price increases.
On a reported basis, revenue for the year to date was up 36.8%.
The Irish group's Glanbia Performance Nutrition (GPN) business reported like-for-like revenue growth of 14.4% (pricing +15.6%, volume -1.2%), while its Nutritional Solutions (NS) arm reported like-for-like revenue growth 14.5% (pricing +17.7%, volume -3.2%).
“I am pleased to report that the momentum outlined at our half year has been sustained through the third quarter," commented Siobhán Talbot, group managing director, Glanbia.
"Consumption trends continue to be resilient across the performance nutrition and healthy lifestyle brand portfolios in GPN. Revenue growth was primarily driven by pricing actions in response to unprecedented inflation."
The group said that it was updating its full-year guidance to 10% to 13% growth in adjusted EPS constant currency, or 26% to 28% growth in reported currency.
It added that the 'continued resilience' of its nutrition platforms supports its confidence being able to navigate the challenging economic environment and ongoing inflation.
Glanbia expects to deliver 'strong' revenue and earnings growth for the full year.
"The global macro-economic environment continues to be challenging and we are monitoring consumption and inflation trends closely," Talbot added.
"The strength of our platforms in better nutrition, supported by the combination of pricing actions taken and operational efficiencies achieved, gives us continued confidence that we will deliver strong full year EBITA growth."