Glanbia has published its results for the first half of 2017, with a ‘good performance’ for the global nutrition group driven by Glanbia Nutritionals.
Total revenue for Glanbia rose 11.5% (9.9% accounting for currency changes) on the same period in 2016, rising to €2.047 billion. Earnings (EBITA) rose to €192.8 million, up 9.2% on the previous year (6.6% accounting for currency changes).
Glanbia Performance Nutrition reported revenue growth of 7.6% (5.4% constant currency) and Glanbia Nutritionals reported revenue growth of 12.2% (9.0% constant currency).
The group also completed its sale of 60% of Dairy Ireland and its related assets during the year half and established a new joint venture, “Glanbia Ireland”, encompassing the businesses of Glanbia Ingredients Ireland and Dairy Ireland.
As a result of the sale, Glanbia’s report classified the Dairy Ireland results and related assets as discontinued operations, with prior year comparatives amended accordingly.
Commenting on the results, Siobhán Talbot, Group Managing Director, said, “Glanbia delivered a good performance in the first six months of 2017 with wholly owned revenues from continuing operations growing 7.3%, constant currency, when compared to the same period in 2016. Pro-forma Adjusted Earnings Per Share was up 10.1%, constant currency.
“The sale of 60% of Dairy Ireland and related assets was completed on 2 July 2017 and this business together with Glanbia Ingredients Ireland have formed a new Joint Venture named Glanbia Ireland.
“Glanbia Nutritionals and Joint Ventures were the main drivers of growth in the first half and we believe second half earnings progression will also be driven by Glanbia Performance Nutrition where good organic growth is expected for the remainder of the year.
“Overall, we reiterate guidance for the full year of pro-forma Adjusted Earnings Per Share growth of 7% to 10% on a constant currency basis.”
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