Glanbia raises full-year guidance

Food firm has sold off SlimFast brand

Glanbia CEO Hugh McGuire

Glanbia has upgraded its full year guidance reporting a robust performance for the first nine months of the year.

The food group achieved like-for-like revenue growth of 3.3%, driven primarily by volume increases, with notable acceleration in the third quarter.

Its Performance Nutrition section saw growth of 2.5% excluding SlimFast and Body & Fit, with Optimum Nutrition achieving 14.3% growth and double-digit volume gains in key brands. 

The Health & Nutrition section saw 6.1% growth led by a rise on volumes and acquisitions.

Glanbia's Dairy Nutrition section saw 6.1% growth with volume and pricing increases.

Hugh McGuire, Chief Executive Officer, 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."

"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."

Glanbia is upgrading its full year revenue guidance for PN to 3%-4% like-for-like revenue growth and expects full year adjusted EPS to be in the upper end of the guidance range of 130 $cent - 133 $cent.

So far this year, Glanbia returned €197m to shareholders via its share buyback programme, repurchasing and cancelling 15,047,420 ordinary shares on Euronext Dublin at an average price of €13.10.