Glanbia, the global performance nutrition and ingredients group, has announced its results for the six months ended 29 June 2013.
The company announced 13 per cent revenue growth, continued growth in global performance nutrition and global ingredients, reiterating their positive 2013 full-year outlook.
Key figures from the Glanbia report include:
Good first half operating and financial performance delivered 13% revenue growth, split 8% volume
growth and 5% price growth. Adjusted EPS grew 11% growth in on a constant currency basis;
Global Performance Nutrition continued to outpace market growth rates delivering a 14% increase in
revenue, 20% growth in EBITA and a 50 basis points improvement in EBITA margin to 10.5%;
Global Ingredients also delivered a good performance. Revenue increased 17% and EBITA grew 8%.
EBITA margin declined 90 basis points to 10.7% mainly due to lower margins, as expected, in the
Ingredient Technologies business unit;
Dairy Ireland’s performance was impacted by a very difficult first half in Consumer Products and
EBITA and EBITA margin were lower than prior year;
The Group’s two major strategic Joint Ventures & Associates, Glanbia Ingredients Ireland and
Southwest Cheese in the USA had a steady first half overall;
The full year outlook for the Group remains positive with forecast growth in adjusted EPS of between
8% and 10%, on a constant currency basis.
Glanbia group managing director John Moloney said: “The Group’s first half performance was driven by Global Performance Nutrition and Global Ingredients. These two business segments now represent over 70% of Group EBITA and are our core platforms for future growth. We expect little change in the external operating environment in the second half and with clear challenges remaining in Dairy Ireland we are maintaining our 2013 full year guidance of adjusted earnings per share growth of between 8% and 10%, on a constant currency basis.
“Overall, Glanbia is in a strong position to capitalise on its unique portfolio of global businesses, development opportunities and strong balance sheet.”