Glanbia reports half year growth

Irish dairy ingredients giant Glanbia says its adjusted earnings are up 10.8% over the prior half year, and EBITA from wholly owned businesses was €157.4 million, up 13.7% in the same time period. Siobhán Talbot, group managing director, says, “Sales of performance nutrition brands and value‐added nutritional ingredients showed good growth in the first half of 2016 delivering on our vision to be a leading nutrition business. Global dairy markets remain weak and continue to be a challenge for parts of the business. However the diversity of the Glanbia portfolio has enabled us to navigate this and we reiterate guidance for the full year of adjusted earnings per share growth of 8% to 10% on a constant currency basis.”

Highlights include its performance nutrition sector, with EBITA of €81.7 million, a 35% increase over the same period in the half year. However, Glanbia Nutritionals saw a 4% decrease to €58m, while Dairy Ireland only saw a slight gain of 1.1% with EBITA of €17.7m.

Glanbia’s total investment in capital expenditure was €41.7 million in the first half of 2016, of which €27.8 million was strategic investment reflecting the on‐going focus on the organic growth potential of the business. Key strategic projects undertaken in the period were the investments in value‐added ingredient processing technologies at the Glanbia Nutritionals sites in Idaho and California, US.

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