FDBusiness.com

Glanbia, the global nutrition group, delivered a good performance in the first half of 2015. Glanbia reported a 4.4% rise in group revenue for the period to €1.9 billion – a decline of 8.4% at constant curreny – as good branded revenue growth was offset by pricing declines as a result of global dairy market weakness. Total group EBITA was €158.7 million, up 3.5% at constant currency but up 22.5% on a reported basis. Total group EBITA margin was 8.5%, up 100 bps at constant currency. Adjusted earnings per share for the half year were 40.60 cent, up 4.2% at constant currency (up 25.1% reported).

“Glanbia delivered a good performance in the first six months of 2015 driven by a strong result from Global Performance Nutrition,” comments Siobhán Talbot, group managing director of Glanbia. “We are reiterating full year guidance of adjusted earnings per share growth of between 9% and 11%, 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 25% for the full year if foreign exchange rates remain at current levels.”

She continues: “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.”