Glanbia Group announces preliminary results for 2019

Glanbia Group has announced its preliminary results for the 2019 financial year ended January 4, 2020.

The global nutrition group released its results this morning, Tuesday, February 26.

The group has reported a total revenue of €3,875.7 million – up 16.6% from the figure of €3,170.5 million in 2018.

Pre-exceptional earnings before interest, taxes, and amortization (EBITA) totaled €276.8 million – down 7.8% from €284.9 million in 2018.

Joint Ventures (JVs) reported share of profits up €3.3 million to €48.6 million.

Adjusted earnings per share was 88.10c (2018: 91.01c) in line with guidance of 88–92c.

Commenting on the results, Siobhán Talbot, the group’s managing director, said: “Glanbia has delivered a 16.6% increase in revenues in 2019, driven by a strong performance from our Glanbia Nutritionals (“GN”) segment, and by the acquisitions of SlimFast and Watson.

GN saw broad-based volume growth with notable performances in vitamin and mineral blends, and healthy snack ingredients, underlining the continued consumer shift towards health and wellness.

“It was disappointing that earnings were impacted by challenges in the Glanbia Performance Nutrition (“GPN”) segment and to address these we have conducted a comprehensive business review and are taking actions to simplify our business, allowing us to concentrate on our core brands, and optimising our routes to market across channels and geographies.

As a result, we expect GPN to regain branded revenue growth momentum in 2020.

“Glanbia is financially strong and cash generative. We have increased our dividend by 10% and we are proposing to our shareholders that we adopt a share buyback programme in 2020.

“We are confident that the actions being taken will position the company to generate enhanced shareholder value in a growing healthy nutrition market.”