Kilkenny-based food group Glanbia has reported lower revenue and profits for the six months to the end of June.
The company said overall group revenue fell by 1.1 per cent to $1.82 billion on a constant currency basis while profit after tax fell to $143.3 million, down from $193.4 million the same time last year.
Earnings before interest, tax, depreciation and amortisation (ebitda), however, rose by 12.8 per cent to $261.6 million driven by volume growth across its performance nutrition brands including its top-selling Optimum Nutrition label. Adjusted earnings per share (EPS) were also up 12.4 per cent.
“Our earnings growth was driven by a strong performance in GPN (global performance nutrition), with volume growth, earnings and margin reflecting strong consumer demand,” chief executive Hugh McGuire said.
“Our strong operational and financial performance continues to support our capital allocation framework, with the interim dividend increased by 10 per cent and €50 million returned to shareholders via share buy-backs,” he said, noting the company was launching a further €50 million share buyback programme.
“Looking ahead, we continue to focus on driving growth across our portfolio of great brands and ingredients. The category trends remain positive, and with the continued consumer and customer demand for our ‘Better Nutrition’ brands and ingredients we will see a sequential improvement in volumes across GPN and NS (Nutritional Solutions) in the second half of the year,” Mr McGuire said.
The company reiterated its full-year earnings guidance of 5-8 per cent growth in adjusted EPS.
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