Glanbia reports 13.2% EPS growth, revenues up 10%

Glanbia has reported Adjusted Earnings Per Share grew 13.2% reported (10.1% constant currency), while wholly owned revenues from continuing operations were €1,185.7 million up 10.0% (7.3% constant currency).

Glanbia reports 13.2% EPS growth, revenues up 10%

Glanbia has reported its results for the six months ended 1 July 2017. On a pro forma basis Adjusted Earnings Per Share grew 13.2% reported (10.1% constant currency). Wholly owned revenues from continuing operations of €1,185.7 million (2016: €1,077.9 million) were up 10.0% on the prior half year (7.3% constant currency). Glanbia Performance Nutrition delivered reported revenue growth of 7.6% (5.4% constant currency) and reported EBITA growth of 3.1% (0.2% constant currency). Glanbia Nutritionals delivered reported revenue growth of 12.2% (9.0% constant currency) and reported EBITA growth of 11.6% (8.1% constant currency).

“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 Siobhán Talbot, Group Managing Director. “Pro-forma Adjusted Earnings Per Share was up 10.1%, constant currency. The sale of 60% of Dairy Ireland and related assets was completed on 2 July 2017 and this business together with Glanbia Ingredients Ireland have formed a new Joint Venture named Glanbia Ireland. Glanbia Nutritionals and Joint Ventures were the main drivers of growth in the first half 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.”