In their Interim Management Statement for the nine-month period to the end of September, Glanbia announced an upgrade in full-year guidance for earnings per share (EPS) from 17% to 20%.

Glanbia Performance Nutrition (GPN) drove a like-for-like branded revenue increase of 3%, which reflected a price increase of 8.9%, offsetting a volume decline of 5.9%.

Glanbia Nutritionals – Nutritional Solutions recorded a like-for-like revenue decline of 14%, with volume down 6.4% and price down 7.6%.

Volume decline

The drop in volume was caused by supply chain rebalancing in the earlier part of the year, with growth returning in the third quarter. Dairy market price falls contributed to a decline in the value of sales.

The performance nutrition side of the business is expected to deliver strong performance in the fourth quarter, increasing year-to-date revenue growth of 2.7% on a constant currency basis to 5% for the full year.

EBITDA margins are expected to be between 14% and 14.5% for the 2023 year.

It is less positive on the Nutritional Solutions side of the business – a “low double-digit decline in like-for-like revenue driven by lower dairy market pricing and a mid-single digit volume decline” is expected, with EBITDA margins between 12% and 13%.