Glanbia Nutrition says it saw strong first half performance with like-for-like revenue growth across all three segments driven by accelerating category growth and robust end-use market demand. The revenue of $2.1 billion (€1.8bn) increased by 7%, and its performance nutrition area saw revenue growth of 17.9%, while continuing to navigate higher whey costs.

In health and nutrition, the company say 12% revenue growth and volume was up 14.3%, driven by end use market demand. There is continued progress on capacity expansion in the US, China and Europe, the company says. For dairy nutrition, there was strong volume and pricing growth in protein solutions, and the company segment is benefitting from sustained underlying consumer demand for protein solutions. There is also a continued focus on strategic execution with savings target for Group-wide transformation programme increased from $60 million (€51.9m) to $70 million (€60.6m) per annum by fiscal year 2027.

As a result, the company now expects to deliver adjusted EPS growth of 17% to 20% constant currency (previously upper end of 7% to 11%), with dairy nutrition in a range of $170-180 million (previously $160-170 million).

Hugh McGuire, CEO, says, “We delivered volume and like-for-like revenue growth across all three segments, reflecting disciplined execution as we continue to navigate whey cost inflation within performance nutrition. Optimum nutrition delivered double digit volume growth in the period driven by accelerating category growth, increased distribution, ongoing innovation and the brand’s continued leadership within the category. We also generated strong volume growth across health & nutrition and dairy nutrition, with good demand in H&N’s end-use markets and strong volume and pricing growth in protein solutions within DN.

“We generated strong cash flow, increased our interim dividend by 10% and returned €100 million to shareholders via our share buyback programme^. We continue to advance our group-wide transformation programme, and following strong progress year-to-date.

“Glanbia is positioned to meet the growing demand for nutrition that supports healthier and more active lives. We now expect adjusted EPS growth of 17% to 20% which will be driven by category and end-use consumer market demand and a strong operating performance across all three segments.”