FDBusiness.com

Good First Half Performance by Glanbia

 Breaking News
  • Louis Dreyfus Company to Exit Dairy Louis Dreyfus Company, a leading international merchant and processor of agricultural goods, has announced its decision to exit its dairy business by mid-2019. The move is in line with the company’s strategy over the past three years to exit non-core areas and refocus on its core businesses, including investments in origination markets and expansion along [...]...
  • Lucozade Ribena Suntory to Invest £13 Million in UK Factory Japan-based Suntory Beverage & Food is investing £13 million in its UK-based subsidiary Lucozade Ribena Suntory to install a new, high-speed bottle filler at its factory in Coleford, Gloucestershire. The new filler will produce 1.3 million bottles a day and will be instrumental in increasing productivity and efficiency at the Lucozade Ribena Suntory factory. The investment [...]...
  • Tetra Pak to Offer New Levels of Customisation and Flexibility With Digital Printing Technology Tetra Pak is to become the first company in the food and beverage carton industry to offer full-colour digital printing on its carton packages, working in collaboration with Koenig & Bauer, a global leader in the field. The digital printing technology will simplify the complexity of design handling, reducing time from design to print and [...]...
  • BBF Set For Further Growth After Securing New £40 Million Funding BBF, the UK’s leading manufacturer of own label, licensed and branded ambient cakes and desserts, has secured a new £40 million financing facility with Wells Fargo Capital Finance (WFCF) to support future growth plans. BBF serves all the UK’s most recognisable food retailers such as Tesco, Sainsburys, Asda, M&S, Aldi and Lidl. With manufacturing facilities in [...]...
  • Clean-label, Plant-Based Yogurt Alternative Yofix Probiotics, the winner of PepsiCo’s European Nutrition Greenhouse Programme 2018, has launched its first dairy-free, soy-free yogurt alternative line with three fruit flavors. The products are based on a unique, clean-label formula made from just a few natural ingredients. It is traditionally fermented and contains live probiotic cultures plus the prebiotic fibers that feed [...]...

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

  • June 18, 2019Multimodal 2019
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements