Glanbia shares rise as upgrades full-year revenue guidance for PN unit
Glanbia PLC on Wednesday said its Performance Nutrition segment ‘delivered a very strong performance’ as it reported revenue growth.
The Kilkenny, Ireland-based sports nutrition company reported like-for-like revenue growth of 3.3% in the first nine months of the year, citing ‘strong’ growth in the third quarter across all segments.
Performance Nutrition like-for-like revenue was up 2.5%, while Health & Nutrition was up 6.1%, boosted by ‘strong’ volume growth.
Chief Executive Officer Hugh McGuire said: ‘Our Performance Nutrition segment delivered a very strong performance in the third quarter, with our Optimum Nutrition and Isopure brands delivering double digit volume growth. Our Health & Nutrition and Dairy Nutrition segments also continued to perform well, with Health & Nutrition volumes showing strong growth in its priority end-use markets.
‘We continue to progress our group-wide transformation programme and completed the sale of non-core brands, SlimFast and Body & Fit, as well as the acquisition of Sweetmix in Brazil within our H&N division.’
Looking ahead, the company increased its full-year revenue guidance for Performance Nutrition, as it now expects between 3% and 4% like-for-like revenue growth for the segment. This is up from between 2% and 3% the company had guided in August when it published its interim results, and excludes the impact of SlimFast and Body & Fit.
Further, Glanbia anticipates annual adjusted earnings per share in the upper end of its guidance range of between 130 and 133 US cents, which is down from 140.03 cents in its last financial year, which ended on January 4.
Glanbia shares rose 3.4% to €15.20 each on Wednesday afternoon in London, while they were up 5.6% at €15.20 each in Dublin.
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