Glanbia plc took in €2.8 billion in revenue in the first half of the year, representing an increase of 26.8% on a constant currency basis.

The company says that the first half of 2022 was characterised by “good momentum”.

Glanbia has upgraded its growth outlook for the year from 9% to 13% in adjusted earnings per share (EPS).

Other highlights the company reported in its first six months of this year included a “strong operating performance”, with the Glanbia Performance Nutrition (GPN) division seeing increases in like-for-like volume of 1.9% and in pricing of 13.9%.

Meanwhile, the Nutritional Solutions (NS) division recorded increases in like-for-like volume of 1.6% and in pricing of 17.9%.

Group earnings before interest, taxes, depreciation and amortisation (EBITDA) was €171.7 million (not counting exceptional items), a decrease of 3.5% on a constant currency basis compared to the first half of 2021 (though a nominal increase).

Adjusted EPS was ahead of expectations, Glanbia said, hitting 52.31c (also a decrease on a constant currency basis but a nominal increase).

Basic EPS in the first half of the year was 66.13c, compared to 27.90c in the first half of 2021.

In the first half of 2022 Glanbia plc disposed of its 40% interest in Glanbia Ireland while acquiring Sterling Technology, a US bioactive ingredient company.

Glanbia returned €127.1 million to its shareholders in the six-month period, while its interim dividend increased by 10% to 12.93c/share.

Commenting on these results, Glanbia group managing director Siobhan Talbot said: “Half-year 2022 results have exceeded our plans, demonstrating the impact of a series of actions implemented since the latter part of last year in response to unprecedented inflation.

“Revenues grew strongly with significant pricing initiatives and volume growth in all business segments in the period. We continue to make progress on our strategic agenda and with the completion of the sale of the company’s minority interest in Glanbia Ireland.”

Talbot said that the company “continues to evolve as a focussed, purpose-led global nutrition company”.