Glanbia confident about 2023 in report
Glanbia Performance Nutrition (GPN) revenue grew by 13.7% in constant currency (up 24.8% reported) on the prior year, driven by a 2.2% reduction in volume, favourable pricing of 15.4% and the positive impact of acquisitions of 0.5%, the company reports.
Commenting, Siobhán Talbot, Glanbia’s group managing director said, “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 growth.”
GPN branded like-for-like revenue grew by 14.4% driven by 15.6% growth in pricing and a volume decline of 1.2%. It continued to have good volume and consumption growth in performance nutrition and healthy lifestyle brands, offset by the continuing headwinds in the diet category. Pricing was positive across all GPN brands.
In the nine months ended 1 October 2022 compared to the same period in 2021, wholly-owned revenue increased 23.1%, constant currency. On a reported basis, reflecting the stronger euro-US dollar foreign exchange rate, revenue increased 36.8%. The drivers of the revenue increase, on a constant currency basis was volume growth of 0.8% across the group, price increase of 20.9% and acquisitions delivering 1.4%.
Glanbia Nutritional revenues grew 27.4% constant currency (up 42.3% reported) on the prior year driven by volume growth of 2.2%, price increases of 23.5% and the positive impact of acquisitions of 1.7%. GN volume growth was driven by growth in the non-dairy portfolio and US cheese.
The continued resilience of Glanbia’s better nutrition platforms supports the group’s confidence in its ability to navigate the current external risks including the challenging economic environment, the impact of geopolitical tensions, and ongoing inflation. In the absence of any further unanticipated major market disruption, Glanbia expects to deliver strong revenue and earnings growth for 2022, it says.