FDBusiness.com

Good First Half Performance by Glanbia

 Breaking News
  • Arla Foods UK Launches New Standards Model to Bring Sustainable Change to Dairy Farming With ongoing volatility in the global milk markets, increasing consumer misunderstanding of the sector, polarised levels of support for UK dairy farmers and a new post-Brexit Agriculture Bill the challenges for dairy farmers are mounting. Farmer-owned co-operative Arla Foods has launched ‘Arla UK 360’ – a new standard in UK dairy farming. The Arla UK 360 [...]...
  • €172 Million to Promote EU Agri-food Products In and Outside the EU The European Commission will provide funding of €172.5 million from the EU agricultural budget to promote EU agri-food products in Europe and across the world. 79 campaigns, covering a wide range of products such as dairy products, olives and olive oil, and fruit and vegetables, will be rolled out over the next three years. Agriculture and [...]...
  • €40 Million VistaMilk SFI Research Centre Launched in Ireland The Irish Government has launched the new VistaMilk SFI Research Centre which is jointly funded by Science Foundation Ireland (SFI) and the Department of Agriculture, Food and the Marine. The VistaMilk Centre will be hosted by Teagasc Moorepark, in partnership with a number of research performing organisations. Multinational and SME companies in the food and ICT [...]...
  • Autumn Chill Puts Sunday Lunch Back on the Menu For UK Shoppers UK shoppers have returned to seasonal favourites as supermarket spending cools off, according to the latest figures from Kantar Worldpanel, for the 12 weeks to 7 October 2018. Overall sales grew 3.2% compared to the same 12 weeks last year. Though this is a slight slowdown from the highs reached during 2018’s hot summer, sales [...]...
  • Müller Milk & Ingredients Completes Integration and Appoints CFO Brian Watson has been appointed as Chief Finance Officer at Müller Milk & Ingredients (MMI). He joins the business from Marmon, a $7.7 billion Berkshire Hathaway company operating in the supermarket and food service sector. The appointment comes as MMI confirms completion of the biggest integration the UK dairy industry has ever seen – merging [...]...

Good First Half Performance by Glanbia

Good First Half Performance by Glanbia
August 14
10:00 2017

Glanbia plc, the global nutrition group, delivered a good performance in the first half of 2017, driven by its Nutritionals business division. On 2 July 2017, Glanbia completed the sale of its Dairy Ireland operations to form a new joint venture, Glanbia Ireland, which encompasses the businesses of Glanbia Ingredients Ireland and Dairy Ireland. Total net cash proceeds from the transaction is expected to be in excess of €200 million. Glanbia Ireland, which is the largest dairy and agri business in Ireland with 2016 pro-forma revenues in excess of €1.5 billion, is 60% owned by Glanbia Co-operative Society and 40% owned by Glanbia plc.

Glanbia’s wholly owned revenue from continuing operations in the first half was €1.186 billion, an increase of 10% reported (up 7.3% constant currency). The drivers of wholly owned continuing operations revenue growth on a constant currency basis were a 3.1% increase in price, a 1.3% volume improvement and a 2.9% contribution from acquisitions. Wholly owned EBITA from continuing operations was €148.3 million, up 6.6% reported (up 3.5% constant currency). Wholly owned EBITA margins from continuing operations were 12.5%, down 40 basis points reported (down 50bps 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) in the first half. The group’s other operation, Glanbia Performance Nutrition, reported revenue growth of 7.6% (5.4% constant currency) and EBITA growth of 3.1% (0.2% constant currency). Glanbia’s Joint Ventures and Associates business delivered strong revenue and EBITA growth of 23.1% (23.2% constant currency) and 84.8% (83.8% constant currency) respectively.

Siobhán Talbot (pictured above), group managing director of Glanbia plc, says: “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.”

Glanbia’s total investment in capital expenditure was €33.3 million in the first half of 2017, of which €19.1 million was strategic investment. The key strategic project completed in the period was a new innovation centre in Glanbia Performance Nutrition in Illinois, USA. Glanbia also completed two acquisitions in the period, Grass Advantage (Amazing Grass) a plant based nutrition brand in the US and B&F Vastgoed (Body & Fit) in the Netherlands, a leading direct to consumer online branded business focused on performance nutrition. The combined cost of both businesses was approximately €168 million.

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • October 18, 2018Future Food-Tech London - Marketing Partnership
  • October 21, 2018Int'l Food Products Exhibition (Sial)
  • October 25, 2018Italian Espresso Coffee Show (TriestEspresso Expo)
  • October 25, 2018Finnish Food Fair
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber





Subscribe Here



Advertisements