Glanbia has reported that its total group profit for the first half of 2018 has fallen by 14.5% to €98.2 million.
The global nutrition group released its interim results today (9 August) which revealed that its pro forma adjusted earnings per share, excluding the impact from discontinued operations, was 38.83 cent, a fall of 7% on the previous year.
Revenue from continuing operation, however, increased by 3.6% year-on-year, reaching €1.1 billion in the first six months ending 30 June.
EBITDA for the period from continuing operations was €123.7 million, which was a decrease of 7% compared to the same period last year.
Siobhán Talbot, group managing director, said that the group “delivered in line with expectations” and she reiterated guidance for 2018 full year earnings growth.
“We continue to drive volume momentum with 5.7% growth in the first half and reiterate guidance for full-year volume growth in the key portfolios of Glanbia Performance Nutrition and Glanbia Nutritional Solutions in the mid-to-high single digit range,” she said.
“We expect margins for the full year to be similar to 2017; we prioritised investment in our brands and operational infrastructure in the first half in advance of input cost reductions which are materialising as expected in the second half of the year.”
In May 2018, at its capital markets day, Glanbia outlined its strategic ambition in 2022. The Group is focused on long-term sustainable growth via its three platforms of Glanbia Performance Nutrition, Glanbia Nutritionals, and Strategic Joint Ventures
Glanbia Performance Nutrition and Glanbia Nutritionals saw revenues grow 4.9%, down 4.4% year-on-year, and 2.4%, down 7.8% year-on-year, respectively.
Its pro forma share of Joint Venture’s profit after tax from continuing operations decreased by €8.2 million to €17.8 million for the first half of 2018.
The group reiterated its full-year guidance of 5% to 8% growth in pro forma adjusted earnings per share, constant currency.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.