Eire’s Glanbia is promoting its on-line Physique & Match sports-nutrition enterprise to an unnamed purchaser.
Obscure particulars have been supplied in Dublin-headquartered Glanbia’s first-half outcomes right now (13 August) displaying general gross sales and volumes inside its Efficiency Vitamin (PN) division declined.
Netherlands-based Physique & Match, which additionally sits inside the PN enterprise unit, together with the SlimFast weight-loss model and the Optimum Vitamin protein powders line, was acquired by Glanbia in 2017 for an undisclosed sum.
“Consistent with earlier bulletins relating to non-core manufacturers, Glanbia has signed an settlement for the sale of Physique & Match, the Benelux direct-to-consumer e-commerce enterprise, topic to sure customary deliverables,” Glanbia mentioned.
The deal is anticipated to be finalised within the remaining quarter of this 12 months.
Physique & Match’s portfolio contains protein powders, bars and sports activities vitamin dietary supplements. Glanbia’s Optimum Vitamin model overlaying comparable classes can be bought on the platform, based on Physique & Match’s web site.
Within the half to five July, income for the PN unit dropped 3.8% on a constant-currency foundation to $850m and was down 3.6% in reported phrases. Volumes fell 3.5% with a 0.3% lower in value.
Excluding SlimFast and Physique & Match, income fell 1.5%.
“The amount decline was largely pushed by anticipated challenges within the US membership and speciality channels and declines in non-core manufacturers, partly offset by good development in on-line and FDM channels,” Glanbia mentioned.
The corporate mentioned Optimum Vitamin accounts for 67% of the PN division’s income however the metric dropped 0.5% within the half. Income for the model turned to optimistic development within the second quarter, Glanbia added.
Exterior of the PN enterprise, Glanbia operates two different models: Well being and Vitamin, and Dairy Vitamin, primarily encapsulating meals and drinks substances, together with cheese for the latter.
Firm-wide income climbed 6% within the half to $1.9bn with quantity up 0.9%. EBITDA, pre-exceptional, fell 7.5% to $241.3m. Adjusted EPS dropped 7.5% in fixed foreign money to $63.03.
CEO Hugh McGuire mentioned: “Right this moment’s outcomes mirror a primary half of serious execution and progress as we generated 6% income development within the interval, underpinned by sturdy development in H&N and DN and a sequential enchancment in PN via the interval because the group navigated vital macroeconomic volatility.
“First-half outcomes have been pushed by quantity development, earnings and margin development in H&N and DN, reflecting sturdy buyer demand. This was offset by anticipated decreased efficiency in PN primarily because of elevated whey prices throughout the interval.”