Glanbia has reported group revenue of €1.9bn in the first half of 2015.
This is an 8.4pc drop over last year’s H1 performance in constant currency (up 4.4pc reported). This, said the company, was a result of good branded revenue growth being offset by pricing declines due to global dairy market weakness.
Total group EBITA was €158.7m, up 3.5pc constant currency (up 22.5pc reported). Total group EBITA margin was 8.5pc, up 100 bps, constant currency. Adjusted earnings per share for the half year were 40.6c, up 4.2pc, constant currency (up 25.1pc reported).
In global performance nutrition, EBITA of €60.7m represented a 17.4pc increase on a year ago in constant currency (up 41.5pc reported). Glanbia described as “satisfactory” the performance by global ingredients in the context of challenging dairy markets with EBITA of €60.3m a 9.5pc decrease on prior half year, constant currency (up 11.9pc reported);
It said its dairy Ireland division had delivered a good result with EBITA of €17.5m, as margins recovered to 4.7pc.
An interim dividend of 4.88c per share has been recommended, up 10pc on last year.
“Glanbia delivered a good performance in the first six months of 2015 driven by a strong result from global performance nutrition,” said group managing director, Siobhán Talbot. “Today we are reiterating full year guidance of adjusted earnings per share growth of between 9pc and 11pc, on a constant currency basis. Given the strength of the US dollar this is likely to translate to reported adjusted earnings per share growth of circa 25pc for the full year if foreign exchange rates remain at current levels.
“Today’s results demonstrate that our strategy is on track. As a global nutrition company, whose purpose is ‘delivering better nutrition for every step of life’s journey’, we are focused on the development of a branded and ingredient product portfolio to serve the growing consumer demand for nutritional products in formats suitable for healthy and active lifestyles. This has provided some insulation from the challenges of volatile global dairy markets.”
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