Glanbia Posts Better-Than-Expected Results as Revenues Increase 6.9%

25 Feb 2015 --- Global nutrition and ingredients group Glanbia has posted full year 2014 results that beat expectations. Total group revenues reached €3.5bn, up 6.9% on 2013. Pre-tax profits were down slightly at €173m compared with €176m in 2013. Areas that performed particularly well were Global Nutrition and Global Ingredients.

Siobhán Talbot, Group Managing Director, said: “I am pleased to announce the fifth consecutive year of double digit growth for Glanbia in 2014 with a 10.1% increase in adjusted earnings per share, constant currency. Our focus on two scale growth platforms, Global Performance Nutrition and Global Ingredients, continues to drive earnings as we leverage our market leadership and sector expertise.

“In Performance Nutrition our investment in brand growth, innovation and acquisitions drove a strong performance. Our Global Ingredients business delivered a satisfactory overall performance in the context of challenging dairy market dynamics in 2014. The outlook for 2015 is positive and we are guiding 9% to 11% growth in adjusted earnings per share, constant currency. We continue to successfully execute our growth strategy and this positions Glanbia well for the delivery of our objectives from 2015 to 2018.”

Highlights of the results include:

• Delivery of 10.1% growth in adjusted earnings per share, constant currency, and a 10.0% increase in dividends; 

• Total Group revenues of €3,522 million, up 6.9% on prior year, constant currency; 

• Strong results from Global Performance Nutrition where revenue growth of 13.5% and a 120 basis point margin expansion drove a 26.0% increase in EBITA, constant currency; 

• Satisfactory performance by Global Ingredients in the context of challenging dairy market dynamics with EBITA of €100.4 million, broadly in line with prior year; 

• Positive 2015 outlook, with guidance of 9% to 11% growth in adjusted earnings per share, constant currency.