FDBusiness.com

Glanbia, the global nutrition group, has delivered in line with expectations in the first half of 2018. Wholly owned revenue from continuing operations was €1,112.0 million, an increase of 3.6% constant currency (down 6.2% on a reported basis). Wholly owned EBITA from continuing operations was €123.7 million, down 7.3% at constant currency (down 16.6% reported). Wholly owned EBITA margins from continuing operations were 11.1%, down 130 basis points constant currency (down 140 bps reported).

Total group profit (after discontinued activities and exceptional items) for the period was €98.2 million, down €16.7 million on prior half year.

On a pro-forma basis, excluding the impact of discontinued operations, adjusted earnings per share from continuing operations was 38.83 cent. This was a decrease on prior year of 7.1% constant currency (down 15.8% reported). Group EBITA, on a pro-forma basis, including Glanbia’s share of EBITA from JVs was €150.5 million, down €35.1 million versus the prior year.

Earlier this year, Glanbia outlined its strategic ambition to 2022. The group is focused on long-term sustainable growth via its three platforms of Glanbia Performance Nutrition, Glanbia Nutritionals and Strategic Joint Ventures. This will be enabled by organic growth and selective M&A.

Siobhán Talbot (pictured), group managing director of Glanbia, comments: “Glanbia delivered in line with expectations in the first half of 2018 and reiterates guidance for 2018 full year earnings growth. We continue to drive volume momentum with 5.7% growth in the first half and reiterate guidance for full year volume growth in the key portfolios of Glanbia Performance Nutrition and Glanbia Nutritional Solutions in the mid-to-high single digit range. We expect margins for the full year to be similar to 2017; we prioritised investment in our brands and operational infrastructure in the first half in advance of input cost reductions which are materialising as expected in the second half of the year.”