Glanbia reports 10.1% growth for 2014

Irish dairy ingredients company Glanbia announced 10.1% growth in adjusted earnings per share, constant currency, and a 10.0% increase in dividends in 2014, while total group revenues reached €3,522 million, up 6.9% on the prior year. Highlights were seen in the global performance nutrition area, where revenue growth of 13.5% and a 120 basis point margin expansion drove a 26% increase in EBITA. The company reports a satisfactory performance by its global ingredients arm in the context of challenging dairy market dynamics with EBITA of €100.4 million, broadly in line with the prior year.

Glanbia’s investments in capital expenditure and acquisitions totaled €222 million, further building its two growth platforms. It currently has a strong balance sheet with free cash flow up 74%, to €153 million; and a positive 2015 outlook, with guidance of 9% to 11% growth in adjusted earnings per share.

Siobhán Talbot, group managing director says, “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. 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.”