Dairy Giant Glanbia Posts 9.9% Revenue Increase In First Half
Irish dairy firm Glanbia has posted total group revenue of €2.048 billion in the first half of its financial year, a 9.9% increase in constant currency terms.
Total group EBITA for the six months to 1 July was €192.8 million (a 6.6% increase), while EBITA margin was 9.4%, down 20 basis points on the same period last year. Total group profit for the period was €114.9 million.
The group also saw revenues from its wholly-owned businesses rise 7.3% on a constant currency basis to €1.186 billion.
“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,” said Siobhan Talbot, Glanbia managing director.
Its Glanbia Performance Nutrition delivered reported revenue growth of 5.4% at constant currency levels, while Glanbia Nutritionals delivered reported revenue growth of 9.0% at constant currency levels.
“Glanbia Nutritionals and Joint Ventures were the main drivers of growth in the first half,” said Talbot, “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. Overall, we reiterate guidance for the full year of pro-forma Adjusted Earnings Per Share growth of 7% to 10% on a constant currency basis.”
On 2 July, Glanbia announced the sale of 60% of its Dairy Ireland business, which includes brands such as milk brand Avonmore, and this business together with Glanbia Ingredients Ireland have formed a new Joint Venture named Glanbia Ireland.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.