Good Performance in first half driven by Glanbia Nutritionals
10 August 2017 – Glanbia plc (“Glanbia”, the “Group”, the “plc”), the global nutrition group, announces its results for the six months ended 1 July 2017.
Results highlights for the half year 2017
- Total revenue for Glanbia plc of €2.047 billion up 11.5% on same period in 2016 (9.9% taking account of currency changes)
- Earnings (EBITA) of €192.8 million up 9.2% on prior half year (6.6% constant currency)
- Sale of 60% of Dairy Ireland and related assets completed on 2 July 2017 and a new joint venture, “Glanbia Ireland”, established encompassing the businesses of Glanbia Ingredients Ireland DAC and Dairy Ireland;
- On a pro forma basis Adjusted Earnings Per Share grew 13.2% reported (10.1% constant currency);
- Wholly owned revenues from continuing operations of €1,185.7 million (2016: €1,077.9 million) up 10.0% on prior half year (7.3% constant currency);
- Wholly owned EBITA from continuing operations of €148.3 million (2016:€139.1 million) up 6.6% on prior half year (3.5% constant currency);
- Glanbia Performance Nutrition delivered reported revenue growth of 7.6% (5.4% constant currency) and reported EBITA growth of 3.1% (0.2% constant currency);
- Glanbia Nutritionals delivered reported revenue growth of 12.2% (9.0% constant currency) and reported EBITA growth of 11.6% (8.1% constant currency); and
- Joint Ventures and Associates delivered strong revenue and EBITA growth of 23.1% (23.2% constant currency) and 84.8% (83.8% constant currency) respectively.
Commenting today 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 Share1 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 Share1 growth of 7% to 10% on a constant currency basis.”
The full report is available here
Pro-forma Adjusted Earnings Per Share from continuing operations calculation assumes the Dairy Ireland segment and related assets were disposed of at the beginning of the 2016 financial year. A reconciliation is set out on pages 47 and 48 of the glossary to the financial statements
First Published 10 August 2017