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(Alliance News) - Glanbia PLC on Thursday said the momentum seen in its first half has continued through the third quarter, leading the firm to raise its full-year guidance.
In three months ended October 1, the Kilkenny, Ireland-based nutrition company reported revenue was up by 23% year-on-year on a constant currency basis, or by 37% on a reported basis.
It posted like-for-like revenue growth of 14% for its Glanbia Performance Nutrition segment and 15% growth for its Nutritional Solutions segment.
"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," explained Group Managing Director Siobhan Talbot.
As a result of its performance, Glanbia raised its full-year guidance to between 10% and 13% growth in adjusted earnings per share.
"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," the firm added.
Shares in Glanbia were down 1.5% at EUR11.30 in London on Thursday afternoon.
By Heather Rydings; heatherrydings@alliancenews.com
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