Glanbia plc has today (Wednesday, March 1) confirmed a substantial growth in revenue for 2022 as it announced a deal to sell its share in Glanbia Cheese.
In its preliminary results for the financial year ended December 31, 2022, the global nutrition company reported group revenues of €5.6 billion, representing growth of 21.2% on a constant currency basis compared to 2021 (€4.2 billion).
Glanbia’s profit after tax in 2022 grew to €256.8 million from €167.4 million in the previous year.
The company said that earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 13.5% to €371.1 million (2021: €270.6 million).
The results show that adjusted earnings per share (EPS) rose by 17.6% from 77.84c in 2021 to 104.2c.
The board of Glanbia has recommended a final dividend per share of 19.28 cent; the total 2022 dividend is 32.21c; a 10% increase on prior year. This represents a payout ratio of 31.0%.
Glanbia Performance Nutrition (GPN) saw a 14.6% increase in branded like-for-like revenue, pricing was up by 16.7%, while volume was down 2.1%.
There was a 12.6% increase in revenue for Glanbia Nutritionals -Nutritional Solutions (GN NS) with pricing up 16.1% and volume back by 3.5%.
Glanbia
Commenting on the results, Siobhán Talbot, group managing director, said that Glanbia delivered its highest-ever annual earnings performance in 2022.
“This was achieved despite unprecedented inflationary headwinds and was led by the strong performance of the Optimum Nutrition brand, growing US consumption by 30.8% in 2022, and continued good delivery by our GN Nutritional Solutions business,” she said.
“This 2022 result underpinned the delivery of the Group targets set out in 2018 for the period 2018 to 2022.
“Looking forward, our strategic focus on ‘better nutrition’ growth platforms is clear and we are confident that it will drive sustained growth in the coming years, delivering the targets set out at our recent capital markets event.”
In 2023, Glanbia is expecting adjusted EPS growth of 5% to 10% constant currency, “which will be driven by a strong operating performance in the better nutrition businesses”.
During 2022, Glanbia plc completed the disposal of its interest in Glanbia Ireland, which along with Glanbia Co-op has rebranded to Tirlán.
The group today announced the proposed sale of its share in the Glanbia Cheese joint ventures.
Glanbia has signed a non-binding agreement with Leprino Foods to acquire full ownership of Glanbia Cheese, a mozzarella maker in Europe, comprising Glanbia Cheese UK and Glanbia Cheese EU.
It is expected that Glanbia will receive initial payments in excess of €160 million for the sale of its stake in Glanbia Cheese, with the possibility of additional €25 million over the next three years, dependent on business performance.
Glanbia Cheese has three manufacturing facilities in Portlaoise, Llangefni in Wales and Magheralin in Northern Ireland.
The existing team will continue to manage the business, led by chief executive Paul Vernon and his senior management team, with no disruption to day-to-day operations.