FDBusiness.com

Glanbia, the global nutrition group, has reported a 19% rise in wholly owned revenue to €1.758 billion (up 12.0% at constant currency) with EBITA down 9.9% (-15.3% at constant currency) to €111.4 million for the six month period ended 29 June 2019.

Wholly owned EBITA margins from operations were 6.3%, down 210 basis points on a reported basis and at constant currency, driven by lower margins at the Glanbia Performance Nutrition (GPN) and Glanbia Nutrition (Nutrition Solutions and US Cheese) businesses in the period.

Glanbia’s share of its Joint Venture businesses profit after tax increased by €9.0 million to €26.8 million for the first half of 2019. Glanbia’s principal joint ventures include Glanbia Ireland, Southwest Cheese and Glanbia Cheese UK.

Total group profit (after exceptional items) for the period was €83.3 million, down €14.9 million on prior half year. Adjusted earnings per share was 36.69 cent. This was a decrease on prior year of 10.8% constant currency (down 5.5% reported).

Siobhán Talbot, group managing director of Glanbia, comments: “Our Nutritional Solutions, US Cheese and Joint Venture businesses had good results in the period. The recent acquisitions of SlimFast and Watson are performing very well. Glanbia Performance Nutrition (GPN) had a disappointing first half reflecting a number of factors including, business seasonality, consumer channel shift in Europe and difficult global trade dynamics in key international markets. Overall while we have positive momentum across many parts of the group, this has increased our caution for the remainder of the year. For full year 2019 Glanbia now expects to deliver adjusted earnings per share on a reported basis of between 88 cent to 92 cent assuming foreign exchange rates remain at current levels.”