Glanbia reported a 3.7% increase in revenue in its fully owned businesses for the first nine months to 29 September.

Once the effect of foreign exchange is stripped out back, revenues fell by 2.6% when compared with the same period in 2017. The revenue growth was driven by volume growth of 6.7% and acquisitions which delivered 1.1%.

Pricing declined by 4.1% compared with the same period in the prior year driven by relatively weaker dairy markets and brand investment.

Performance Nutrition delivered revenue growth of 4.7% in the first nine months of 2018. This was driven by volume growth of 6.7%, the Body & Fit acquisition delivering 2.4%, offset by a pricing decline of 4.4%.

The ingredients business delivered revenue growth of 3% in the first nine months of 2018. This was driven by a volume increase of 6.8% offset by a price decline of 3.8%.

Nutritional Solutions revenue increased by 0.7% in the period. This was driven by volume growth of 7.3%. US Cheese revenue increased by 4.8% in the period. This was driven by volume growth of 6.4% due to the timing of customer off-takes compared with the previous year.

Pricing declined by 1.6% as a result of reduced year-on-year cheese markets.

Good demand

Siobhán Talbot, group managing director, said: “The year is progressing as planned and good delivery in the third quarter resulted in volume growth.” She added this reflected good demand across Glanbia Performance Nutrition and Glanbia Nutritionals.

She said that pricing fell largely as a result of lower year-on-year dairy markets but added that this was benefiting input costs and she reiterated that full-year margins will be in line with the previous year.

Weight management

GLanbia recently announced the acquisition of weight management brand, SlimFast, for $350m. The group reiterated its full year guidance of 5% to 8% growth in adjusted earnings per share, constant currency, for the continuing group in 2018.

Glanbia's net debt at the end of the quarter was €398m, down €84m compared with the end of September last year.