Nutrition firm Glanbia has said that its revenue growth, earnings and cash conversion for full-year 2021 was 'well ahead of original expectations', with the business reporting a 13.1% increase in revenue at constant currency levels.
Group revenue for the year was just under €4.2 billion, a 9.8% rise on a reported basis, boosted by a 'strong performance' from both its Glanbia Performance Nutrition (GPN) and Glanbia Nutritionals, Nutritional Solutions (GN NS) arms.
Adjusted earnings per share of 87.15 cent were 22.1% higher on a constant currency basis.
'Strong Global Demand'
Commenting, group managing director Siobhán Talbot (pictured) said that the group's performance was "well ahead of our expectations at the beginning of 2021, and was driven by strong global consumer demand in Glanbia’s areas of nutrition expertise across ingredient solutions and our portfolio of nutrition brands.
"Our robust and effective operational execution delivered an excellent cash performance with 100.2% cash conversion in the year."
Performance Of Core Divisions
In terms of the performance of its two core divisions, Glanbia said that GPN revenues were up 17.1% on a constant currency basis (+14.5% reported), reflecting 'strong consumption trends'.
GPN was also boosted by an ongoing transformation programme, as well as the addition of the Germany-based LevlUp brand to its portfolio.
GN NS revenues rose 20.8% on a constant currency basis (+17.5% reported), with the company citing 'strong end-market demand and customer engagement'.
During the year, GN NS boosted its healthy snacking capabilities with the acquisition of PacMoore, as well as commissioning a joint venture cheese and whey plant in Michigan, US.
"Our clear strategic focus for 2022 and beyond is to drive growth across both GPN and GN NS as the nutrition partner of choice to our customers and consumers," Talbot added.
"During 2022, we anticipate the effects of COVID-19 will further abate, however the ongoing impact of cost inflation, especially dairy-related, will need to continue to be actively managed as it was in 2021."