Shares in the performance nutrition and ingredients company Glanbia have fallen to levels not seen since November last year. This week shares have been trading below €15 and on Friday fell under €14.50 for a time. Over the past year, shares are down 10%. Shares rallied in February and March touching off €19 following the announcement of the group’s full-year results for 2018.

At the end of April the group announced results for the first quarter of 2019. Shares have been trading downwards since. Despite reporting year-on-year revenue growth of 8.4%, acquisitions contributed 9.7%. Prices declined 2.7% in the first quarter compared to the same period the previous year.

Volumes in its ingredients business increased 10.4%, with prices marginally back

Its performance nutrition division – which makes up around two thirds of profits – reported a 16.5% decline in volumes in the first quarter compared to the same period last year. This is despite acquisitions (mainly from Slimfast) contributing 24.8%. Volumes in its ingredients business increased 10.4%, with prices marginally back.

Last October, Glanbia announced it had purchased the US-based Slimfast weight loss brand for €303m. This equated to 14.6 times its earnings. At the time, Glanbia managing director Siobhan Talbot said the acquisition was in line with Glanbia’s strategy to extend its portfolio of performance nutrition brands. However, some investors at the time raised their concerns over the fit within the the business.

Glanbia is due to announce its half-year results in August where investors will be especially keen to see the development of volumes in the performance nutrition business.