Glanbia has reported a strong performance in 2021 compared to the prior year, with the business reporting a 13.1% increase in revenue at constant currency levels.
Group revenue for the year was just under €4.2 billion, a 9.8% rise on a reported basis, it latest financial results showed.
Siobhán Talbot, group managing director, Glanbia said that this result was well ahead of the company's expectations at the beginning of 2021 and was driven by strong global consumer demand in Glanbia’s areas of nutrition expertise across ingredient solutions and its portfolio of nutrition brands.
"Our robust and effective operational execution delivered an excellent cash performance with 100.2% cash conversion in the year," she said.
The global nutrition group noted that it also made progress on a number of strategic initiatives.
Glanbia Performance Nutrition (GPN) which is the home to leading brands such as Nutramino and Slimfast delivered in excess of its initial margin improvement target during the period.
The company highlighted that GPN also added German based LevlUp brand to its portfolio in 2021.
Glanbia Nutrition Nutritional Solutions (GN NS) expanded its healthy snacking capability with the acquisition of PacMoore, the company noted.
Glanbia also successfully commissioned a large-scale joint venture cheese and whey plant in Michigan, US, last year.
"Furthermore we agreed the disposal of the plc’s interest in Glanbia Ireland DAC to Glanbia Co-operative Society Limited for €307 million, reinforcing our focus on the GPN and GN NS growth platforms," Talbot added.
"From our strong cash flow, we returned over €91.3 million last year to shareholders via share buybacks as well as raising our dividend by 10%, and today we are announcing a new €50 million share buyback."
Glanbia Exits Dairy Processing
On the 10 November, Glanbia noted it had agreed to sell its 40% share in Ireland's largest dairy processor for €307 million to concentrate on making nutritional ingredients for food producers and protein supplements for body builders.
The company highlighted that it expects the disposal of its interest in Glanbia Ireland to be complete in the second quarter of 2022.
Talbot highlighted that the groups clear strategic focus for 2022 and beyond is to drive growth across both GPN and GN NS as the nutrition partner of choice to its customers and consumers.
"During 2022, we anticipate the effects of COVID-19 will further abate, however the ongoing impact of cost inflation, especially dairy-related, will need to continue to be actively managed as it was in 2021," she said.