Glanbia Nutritionals drives growth for group

Global nutrition group Glanbia has announced its results for the six months up until 1 July 2017. This is the first set of results following the recent sale of Glanbia’s 60% stake in Dairy Ireland.

Half-year revenue increased by 11.5% from €1.8 billion in 2016, to €2 bn in 2017. Earnings (EBITA) also rose 9.2% to €192.8 million (€176.5m in 2016).

On a pro forma basis, adjusted earnings per share grew 13.2%, while wholly owned revenues from continuing operations totalled €1,185.7m (2016: €1,077.9m) up 10.0% on the prior half year.

Wholly owned EBITA from continuing operations came to €148.3m (2016: €139.1m) up 6.6% on the prior half year.

Glanbia Performance Nutrition delivered reported revenue growth of 7.6% and reported EBITA growth of 3.1%.

Glanbia Nutritionals delivered reported revenue growth of 12.2% and reported EBITA growth of 11.6% and joint ventures and associates delivered strong revenue and EBITA growth of 23.1% and 84.8% respectively.

Siobhán Talbot, group managing director, comments: “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 share 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.”