Glanbia Revises Full Year Outlook

 Breaking News
  • Greene King Being Sold For £2.7 Billion CK Asset, which is one of the largest property developers in Hong Kong and an international investment group, has made a recommended £2.7 billion cash offer for Greene King, the UK’s leading integrated brewer and pub retailer operating over 2,700 pubs, restaurants and hotels across England, Wales and Scotland. Including debt, the enterprise value of [...]...
  • The Hershey Company Takes Minority Stake in Irish Snacking Brand The Hershey Company, the US-based food group, has made a minority investment in Fulfil Holdings, the owner of the snacking brand FULFIL. Headquartered in Dublin, Ireland, FULFIL has rapidly grown since its inception, now outselling many traditional chocolate snack bar brands in the UK and Ireland and named a top 50 consumer brand in Ireland. Brian [...]...
  • UK Restaurant Numbers Drop Again as Consumer Tastes Shift Britain’s restaurant numbers have fallen for the sixth quarter in a row, the new edition of the Market Growth Monitor from CGA and AlixPartners reveals. Independent operators have borne the brunt of the closures with group-owned restaurants proving more resilient despite some major brand failures. The quarterly survey of the country’s supply of licensed premises reports a 3.4% drop in [...]...
  • Molson Coors Commits to Reduce Plastics in Packaging Molson Coors in the UK and Ireland is removing the plastic packaging from its Carling and Coors Light brands, as part of new global packaging goals. The brewer will remove the plastic film wrap from large multipacks by the end of March 2020, replacing the plastic wrap with 100% recyclable fully enclosed carton board. By [...]...
  • Carlsberg Group Upgrades Full Year Operating Profit Outlook Carlsberg Group has delivered organic operating profit growth of 17.7% for the first half of 2019 with reported growth of 18.2% to DKr 5.17 billion (€693 million). Organic net revenue growth was 4.2% and on a reported basis net revenue rose by 6.5% to DKr32.99 (€4.42 billion). Operating margin improved by 160bp to 15.7%. Reported net [...]...

Glanbia Revises Full Year Outlook

Glanbia Revises Full Year Outlook
August 02
10:31 2019

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.”

About Author



Related Articles

Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • September 11, 2019Packaging Innovations & Luxury Packaging London 2019
  • October 1, 2019PPMA Total Show
  • October 17, 2019Future Food-Tech
  • November 18, 2019Plastics Caps and Closures Conference 2019
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here