Health and fit­ness brands lift Glan­bia as dairy gi­ant ‘am­bi­tious’ on takeovers

Irish Independent - Business Week - - BUSINESSWEEK - Donal O’Dono­van

GLAN­BIA is “am­bi­tious” to ac­quire busi­nesses, fi­nance chief Mark Gar­vey said yes­ter­day,

An­a­lysts at Good­body Stock­bro­kers said the Kilkenny-based busi­ness has around €400m avail­able for deals, in a re­search note pub­lished yes­ter­day.

Ac­qui­si­tions are a “very im­por­tant part of the agenda,” Mr Gar­vey told an­a­lysts on an in­vestor call af­ter the com­pany re­leased an in­terim man­age­ment state­ment.

The Ir­ish dairy gi­ant re­ported a “good per­for­mance in the first nine months of 2017” with on­line sales in the US the key driver of growth. Glan­bia re­it­er­ated full-year guid­ance of 7pc to 10pc growth in pro forma ad­justed earn­ings per share.

Group man­ag­ing di­rec­tor Siob­hán Tal­bot said Glan­bia has de­liv­ered a good re­sult in the first nine months of 2017 with wholly owned rev­enue from con­tin­u­ing op­er­a­tions up 6.6pc.

Glan­bia Per­for­mance Nu­tri­tion, which de­vel­ops and mar­kets prod­ucts aimed at the health and fit­ness sec­tor was the main driver of rev­enue growth, with Glan­bia Nutri­tion­als con­tin­u­ing to per­form well, she said.

Growth was par­tic­u­larly noted in on­line and mass chan­nels in the US, Glan­bia said.

The out­look for the re­main­der of 2017 is pos­i­tive and she re­it­er­ated full-year guid­ance of 7pc to 10pc growth in pro forma ad­justed earn­ings per share.

Glan­bia Per­for­mance Nu­tri­tion saw rev­enues in­crease by 9.0pc.

This was driven by a 2.7pc in­crease in vol­ume, 7.4pc growth from the ac­qui­si­tions of Amaz­ing Grass, and Body & Fit, off­set by a 1.1pc price de­crease. Shares were down slightly at €16.555 yes­ter­day.

Pro­fes­sional snow­boarder Chanelle Sladics, one of the brand am­bas­sadors for Amaz­ing Grass in the United States

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.