Glanbia plc has reported a “strong” third quarter (Q3) to the 2021 financial year (FY 2021) in its latest interim management statement.
The first nine months of the year (ending October 2) saw wholly-owned revenues up 15.7% on a constant currency basis (up 9.7% reported) versus the prior year due to “good demand” across both Glanbia Performance Nutrition (GPN) and Glanbia Nutritionals (GN).
GPN delivered a growth in revenue up to 23.2% on a constant currency basis, with ‘like-for-like’ (LFL) branded revenue growth of 25.2% driven by “strong performance nutrition consumption trends” across the Americas and internationally in Q3.
GN Nutritional Solutions (NS) delivered volume growth in the period up 15.7% on a constant currency basis driven by “strong ongoing customer demand for micro-nutrients and healthy snacking solutions”.
During Q3, Glanbia completed the purchase of PacMoore Process Technologies, a US food ingredient solutions business for $52 million (€45.1 million).
The company also reported strong operating cash flow with a net debt at the end of Q3 of FY 2021 of €589 million which represents a decrease of €39 million versus the net debt position in the prior year.
Glanbia expects FY 2021 adjusted earnings per share to be at the “upper end” of the previously guided range of 17% to 22% growth, on a constant currency basis.
Commenting on these results, Siobhán Talbot, group managing director, said: “In the first nine months of 2021, Glanbia grew its wholly-owned revenue by 15.7% on a constant currency basis. This was driven by strong demand across our portfolio as GPN grew like-for-like branded revenue by 25.2% and NS grew like-for-like volume by 15.7%.
“We continue to make progress on our strategic initiatives. GPN’s transformation programme is running to schedule and NS completed the acquisition of PacMoore, a US-based ingredients solution business.”
Talbot also noted the group is continuing to navigate the various impacts of the Covid-19 pandemic; and that it was working towards emissions reductions and implementing a “diversity and inclusion” strategy.
“The strong third quarter gives us confidence for the remainder of the year… As we exit 2021 we will maintain our focus on driving top line growth and are planning further pricing actions for early in 2022 in response to the continued inflationary environment,” the Glanbia managing director concluded.