The latest report from Glanbia plc indicates that revenues are up 23.1% with the Performance Nutrition side of the business showing growth of 14.4%. The report also highlights how Volume decline in dairy ingredients is largely timing related.
Managing Director, Siobhán Talbot, says consumption trends continue to be resilient across the performance nutrition and healthy lifestyle brand portfolios. She added that revenue growth is being primarily driven by pricing actions in response to unprecedented inflation.
Ms Talbot said there is confidence in markets and growth within the company is expected to be in the region of 26% to 29% going forward. "I am pleased to report that the momentum outlined at our half year has been sustained through the third quarter.
"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 global macro-economic environment continues to be challenging and we are monitoring consumption and inflation trends closely. 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.
"This confidence sees us today updating our full year guidance to 10% to 13% growth in adjusted EPS, constant currency. Based on current foreign exchange rates, our reported adjusted EPS growth is expected to be 26% to 29%," she concluded.
