Glanbia To Sell Body & Fit Online Sports-nutrition Business

Credit: Body & Fit Facebook page

Ireland’s Glanbia is trading its online Body & Fit sports-nutrition business to an unnamed buyer.

Vague specifications were provided successful Dublin-headquartered Glanbia’s first-half results coming (13 August) showing wide income and volumes wrong its Performance Nutrition (PN) section declined.

Netherlands-based Body & Fit, which besides sits wrong nan PN business unit, on pinch nan SlimFast weight-loss marque and nan Optimum Nutrition macromolecule powders line, was acquired by Glanbia successful 2017 for an undisclosed sum.

“In statement pinch erstwhile announcements regarding non-core brands, Glanbia has signed an statement for nan waste of Body & Fit, nan Benelux direct-to-consumer e-commerce business, taxable to definite customary deliverables,” Glanbia said.

The woody is expected to beryllium finalised successful nan last 4th of this year.

Body & Fit’s portfolio includes macromolecule powders, bars and sports nutrition supplements. Glanbia’s Optimum Nutrition marque covering akin categories is besides sold connected nan platform, according to Body & Fit’s website.

In nan half to 5 July, gross for nan PN portion dropped 3.8% connected a constant-currency ground to $850m and was down 3.6% successful reported terms. Volumes fell 3.5% pinch a 0.3% alteration successful price.

Excluding SlimFast and Body & Fit, gross fell 1.5%.

“The measurement diminution was mostly driven by anticipated challenges successful nan US nine and speciality channels and declines successful non-core brands, partially offset by bully maturation successful online and FDM channels,” Glanbia said.

The institution said Optimum Nutrition accounts for 67% of nan PN division’s gross but nan metric dropped 0.5% successful nan half. Revenue for nan marque turned to affirmative maturation successful nan 2nd quarter, Glanbia added.

Outside of nan PN business, Glanbia operates 2 different units: Health and Nutrition, and Dairy Nutrition, chiefly encapsulating nutrient and beverages ingredients, on pinch food for nan latter.

Company-wide gross climbed 6% successful nan half to $1.9bn pinch measurement up 0.9%. EBITDA, pre-exceptional, fell 7.5% to $241.3m. Adjusted EPS dropped 7.5% successful changeless rate to $63.03.

CEO Hugh McGuire said: “Today’s results bespeak a first half of important execution and advancement arsenic we generated 6% gross maturation successful nan period, underpinned by beardown maturation successful H&N and DN and a sequential betterment successful PN done nan play arsenic nan group navigated important macroeconomic volatility.

“First-half results were driven by measurement growth, net and separator progression successful H&N and DN, reflecting beardown customer demand. This was offset by anticipated reduced capacity successful PN chiefly arsenic a consequence of elevated whey costs during nan period.”

McGuire added: “The class trends stay positive, and we expect to spot continued betterment successful volumes crossed PN successful nan 2nd half of nan twelvemonth pinch continued momentum successful H&N and DN.”

Meanwhile, Glanbia will person a caller chairman.

Independent non-executive head Paul Duffy becomes chair designate from coming and will win Donard Gaynor arsenic president connected 1 January. Gaynor is retiring.