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LONDON (Alliance News) - Glanbia PLC on Wednesday said its revenue was up in the first nine months on the back of a good performance in its Global Performance Nutrition arm and said it maintains its guidance for the full year.
The ingredients and nutrition company said total group revenue on a constant currency basis was up 8% in the nine months to October 4 year-on-year. That was driven by a strong performance for its Global Performance Nutrition business, where revenue increased 14% in the period. Glanbia said it expects double-digit revenue growth for the division for the full year, despite a wobble in demand for its products in the third quarter on the back of price increases.
Its Global Ingredients business performed solidly in the first nine months, Glanbia said, given the milk procurement challenges the company faced in Idaho, US earlier in the year. Revenue was up 11%, with an organic volume decline of 4% offset by a 15% boost from the higher prices.
Revenue from Glanbia's US cheese business was up as stronger cheese pricing offset a decline in volumes from the problems in Idaho, while its Dairy Ireland business saw revenue drop 9% but margins improve, the company said.
Glanbia's Ingredient Technologies and Customised Solutions arms also posted solid performances as lower revenues were offset by increased prices. Its Consumer Products arm delivered an improved performance on the back of modest revenue growth and higher pricing, but its Agribusiness division struggled against tough comparables and a fall in revenue on the back of a decline in animal feed demand.
Glanbia said it maintains its full-year outlook for 8% to 10% growth in adjusted earnings per share on a constant currency basis and said it expects its reported earnings to be in line with its constant currency earnings assuming the current euro-US dollar exchange rate remains.
Glanbia shares were down 0.5% to 11.19 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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