Glanbia plc, the Better Nutrition company (‘Glanbia’ or the ‘Group’), released its Interim Management Statement on Wednesday for the nine month period ended 5 October, 2024, announcing a change in its operating model, separating its Nutritionals business into two new segments.
Year to date Q3 2024 Group performance is in line with expectations. The group also reiterated full year guidance of 5% to 8% growth in adjusted EPS2.
Commenting on the change of operating model, Hugh McGuire, Chief Executive Officer, said: “Today, we are announcing the separation of our GN business into two new segments – Health & Nutrition and Dairy Nutrition. The new structure is designed to further streamline our business, sharpen our focus on our end use markets, and position ourselves for the next phase of growth. As part of this change in our operating model, we are commencing a group wide transformation programme which will allow us to fund and drive growth in our business, supporting our ambition to maximise long-term value for shareholders.”
In the nine months ended 5 October 2024, wholly-owned revenue increased 6.0% compared to the same period in 2023. The main drivers of the revenue growth were a volume increase of 2.6%, a price decrease of 1.1%, the positive impact of the 53rd week of 2.7% and the net impact of acquisitions and disposals of 1.8%.
Glanbia Performance Nutrition (GPN) revenue increased by 1.7% which was driven by volume growth of 3.2%, a price decline of 4.0% and the positive impact of the 53rd week of 2.5%. Overall, Optimum Nutrition and Isopure continued their growth momentum, delivering strong volume growth.
GPN Americas revenue was broadly in line with the prior year as growth in performance nutrition and healthy lifestyle was offset by a decline in weight management. Optimum Nutrition continued its strong momentum and delivered US consumption growth of 1.1%, while trends in the healthy lifestyle portfolio continued to be robust with US consumption growth of 1.2%.
Glanbia Nutritionals (GN) revenue increased by 10.0%, driven by a 2.0% increase in volume, a 1.6% increase in price, an increase of 3.0% driven by the impact of the 53rd week and an increase of 3.4% driven by the net impact of acquisitions and disposals.
Nutritional Solutions (NS) revenue grew by 14.4% (7.2% of which related to acquisitions). Here, volume trends continue to improve with strong growth in premix and protein solutions businesses.
OTHER ITEMS
As part its on-going portfolio evolution, the Group announced a change in its operating model, separating its Glanbia Nutritionals business into two new segments.
Other highlights, include a €100 million share buyback on going with €88.6 million bought in the year-to-date. Also, a further €50 million buyback authorisation approved by the Board to commence in early 2025.
Commenting on the third quarter results, Hugh McGuire, Chief Executive Officer, said that the group continued to deliver ‘good momentum’, and looking ahead to the remainder of the year, stated they would ‘focus on delivering growth across our portfolio’, reiterating ‘full year guidance of 5% to 8% growth in adjusted EPS.’
, released its Interim Management Statement on Wednesday for the nine month period ended 5 October, 2024, announcing a change in its operating model, separating its Nutritionals business into two new segments.){kind=link}