Glanbia reported sales growth for the first nine months of the year, with growth primarily driven by price increases due to rising inflation.
Global Nutrition Group revenue increased 23.1 percent on a constant currency basis for the nine months ended October 1. This included price increases of 20.9 percent compared to the same time last year, with volume growth flat at around 0.8 percent.
Acquisitions also contributed to the sales growth of 1.4 percent.
The Kilkenny-headquartered company also reported sales growth of 14.4 percent for its performance nutrition business for the first nine months of the year, with prices for that business rising 15.6 percent.
Glanbia attributed the sales growth to continued price increases, with volumes down 1.2 percent compared to the prior-year period.
The nutritional solutions business reported sales growth of 14.5 percent, with prices up 17.7 percent compared to 2021.
Volumes in the Nutritional Solutions division fell by 3.2 percent in the same period. The group said this was due to timing due to the availability of dairy ingredients.
“Sales growth was primarily driven by pricing actions in response to unprecedented inflation,” said Siobhán Talbot, Group Managing Director.
“Consumption trends continue to be resilient across Glanbia Performance Nutrition’s performance nutrition and healthy lifestyle brand portfolios,” she added.
As a result of the strong revenue growth, the group now expects adjusted earnings per share growth of 10 to 13 percent this year.
“The global macroeconomic environment remains challenging and we are closely monitoring consumption and inflation trends,” said Ms. Talbot. We remain confident of delivering strong full-year EBITA growth.”
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