Glanbia reports good results

Irish dairy ingredients company Glanbia has reported results, with a good operating and financial performance delivered, on a constant currency basis, with total group revenue growth of 10.5%, total group EBITA growth of 9.2% and adjusted earnings per share growth of 11.9%. Highlights included a strong performance by global performance nutrition with over 20% branded revenue growth, while global ingredients delivered a good performance, with revenues increasing by 11.5%.

However, Dairy Ireland’s results declined significantly due to the performance of consumer products. The company spent €112 million for its organic investment programme in 2013 and the purchase of a leading Scandinavian sports nutrition business in January 2014.

Siobhán Talbot, Glanbia group managing director, says “Our two global growth platforms performed well, particularly Global Performance Nutrition where strong momentum in branded revenue growth and international expansion delivered a 28% increase in profitability, on a constant currency basis. We expect 2014 to be another positive year for the group. We will benefit from our ongoing organic investment programme, good prospects for Global Ingredients and Global Performance Nutrition and an expected improvement in Dairy Ireland. We are guiding 8% to 10% growth in adjusted earnings per share for the full year 2014, on a constant currency basis. Our ambition is to continue to deliver a similar annual organic growth rate through to 2018, while seeking to sustain a return on capital employed in excess of 12%.”