Glanbia Reports Strong Performance Nutrition Performance, Aided by Weak Euro

19 Aug 2015 --- Glanbia said its revenue in the half was up to €1.43 billion from €1.29 billion, helped by the weakness of the euro, as the 11% rise on a reported basis swings to a 3.9% decline in constant currencies. EBITA from wholly owned business €138.5 million, was up 7.5% on prior half year, constant currency (up 29.1% reported). The results included a strong result from Global Performance Nutrition with EBITA of €60.7 million a 17.4% increase on prior half year, constant currency (up 41.5% reported).

There was a satisfactory performance by Global Ingredients in the context of challenging dairy markets with EBITA of €60.3 million a 9.5% decrease on prior half year, constant currency (up 11.9% reported) and a good result from Dairy Ireland with EBITA of €17.5 million, as margins recovered to 4.7%.

Commenting today Siobhán Talbot, Group Managing Director, said: “Glanbia delivered a good performance in the first six months of 2015 driven by a strong result from Global Performance Nutrition. Total Group revenue for the half year was €1.9 billion with adjusted earnings per share of 40.60 cent. Today we are reiterating full year guidance of adjusted earnings per share growth of between 9% and 11%, on a constant currency basis. Given the strength of the US dollar this is likely to translate to reported adjusted earnings per share growth of circa 25% for the full year if foreign exchange rates remain at current levels.”

“Today’s results demonstrate that our strategy is on track. As a global nutrition company, whose purpose is ‘delivering better nutrition for every step of life's journey’, we are focused on the development of a branded and ingredient product portfolio to serve the growing consumer demand for nutritional products in formats suitable for healthy and active lifestyles. This has provided some insulation from the challenges of volatile global dairy markets."