Glanbia has posted a strong performance last year, delivering its seventh year of double digit earnings growth, according to its 2016 full year results which published today (22 February).
Reportedly, the nutrition and ingredients group wholly owned revenue was €2,847.9 million, an increase of 2.8% constant currency (up 2.7%).
Commenting today Siobhán Talbot, Group Managing Director, said, “I am pleased that Glanbia had a strong Group‐wide performance in 2016 delivering our seventh year of double digit earnings growth coupled with strong cash conversion. It has been an exciting start to 2017 with a number of key strategic initiatives progressing which will shape the future direction of the Group.”
It also announced that it had signed a 'memorandum of understanding' to sell 60% of Dairy Ireland, its branded consumer dairy product and agribusiness arm, to Glanbia Co-operative Society Ltd., the group's dairy cooperative.
"Today Glanbia is announcing that it has signed a non‐binding memorandum of understanding for the sale of 60% of the Dairy Ireland segment to Glanbia Co‐operative Society Limited. Also as recently announced Glanbia Performance Nutrition has made two acquisitions within the plant based nutrition category and direct to consumer channel further expanding our channel and consumer reach." Talbot added.
Under the agreement, the Dairy Ireland segment would be integrated with Glanbia Ingredients Ltd., creating a new entity called 'Glanbia Ireland'.
© 2017 - Checkout Magazine by Donna Ahern