Group revenues at nutrition company, Glanbia for the first six months of 2023 were reported as being $2.8 billion compared to $3.1 billion for the half year in 2022.
This represents a constant currency decrease of 10% according to the company’s latest financial results which have been published today (Wednesday, August 16).
Despite revenues being down since the first half of 2022, the results show earnings growth in the first half of 2023 and a positive outlook for the remainder of 2023.
The company’s full-year guidance has been upgraded to between 12% and 15% growth in adjusted EPS (earnings per share) reflecting an improved outlook for Glanbia Performance Nutrition (GPN).
Revenues at Glanbia
According to the results, Glanbia group revenues were $2.8 billion for the first six months of this year compared to $3.1 billion for the half year in 2022.
This represents a decrease of 10.0% constant currency (down 10.3% reported).
There were group EBITA (earnings before interest, taxes, depreciation and amortisation) pre-exceptional of $198.6 million, an increase of 6.1% constant currency compared to the same period in 2022.
Adjusted earnings per share were 60.78c, representing growth of 6.6% constant currency.
In terms of capital allocation, an interim dividend increased by 10% to 14.22c (€) per share, with €64.5 million returned to shareholders in the period via share buyback activity.
During the period the company also completed the sale of Glanbia Cheese joint ventures for initial proceeds of €178.9 million (including the repayment of shareholder loans).
Siobhán Talbot, group managing director, who also announced her retirement at the end of this year, said: “I am pleased to report that Glanbia’s performance in the first half of the year was ahead of our expectations as the group successfully navigated some continuing volatility in global market conditions.
“This was driven by a strong operating performance, continued demand for our better nutrition brands and ingredients and the exceptional commitment of our people.
“We are upgrading our guidance for FY [full year] 2023, with adjusted earnings per share now expected to grow by between 12% and 15% on a constant currency basis.
“Our earnings momentum in the first half of 2023 was driven by a good performance in GPN as growth in revenue, earnings and margin reflected a strong global performance for our flagship Optimum Nutrition brand,” she added.