Irish dairy firm Glanbia has posted a 6.6% increase in revenue for the first nine months of the year ending 30 September 2017.
Total group revenue increased by 13.5% on a reported basis and 13.7% on a constant-currency basis, driven by 2.3% volume growth, 6.4% price improvement, and a 5% contribution from acquisitions.
“Glanbia delivered a good result in the first nine months of 2017," said Siobhán Talbot, group managing director.
"Glanbia Performance Nutrition was the main driver of revenue growth, with Glanbia Nutritionals continuing to perform well. Our joint ventures also delivered strong revenue growth as a result of improved dairy markets," Talbot continued.
The group has reiterated its guidance that adjusted earnings per share are expected to grow between 7% and 10% for full-year 2017.
Group Performance
The Glanbia Performance Nutrition business experienced a 9% increase during the first nine months of the year, driven by the acquisitions of Amazing Grass and Body & Fit.
The company says that the overall volume movement for the year to date reflects branded revenue growth, offset by a decline in contract business.
Meanwhile, Glanbia Nutritionals saw revenue growth of 4.6% as a result of improved dairy markets and increased sales of value-added dairy solutions.
The group's joint-ventures unit also delivered a strong performance, with revenues increasing by 33.6%, driven by a price increase of 21.9%, and acquisitions providing a 9.4% revenue growth following Glanbia Ireland's acquisition of a 60% stake in Dairy Ireland.
Overall, the company says that it is anticipating a seasonal uplift in the fourth quarter.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.
