Glanbia results announced

Glanbia reports a strong performance in the first half of 2016. Wholly owned revenue was €1,434.8 million, an increase of 0.4% constant currency (up 0.2% reported).

Wholly owned EBITA was €157.4 million, up 13.7% constant currency (up 13.6% reported). Wholly owned EBITA margin was 11.0%, up 130 bps, constant currency and reported.

Total Group revenue for the period, including the Group’s share of Joint Ventures & Associates, was €1,837.1 million, a decrease of 1.7% constant currency (down 2.1% reported).

Total Group EBITA was €176.5 million, up 11.4% constant currency (up 11.2% reported). Total Group EBITA margin was 9.6%, up 110 bps, constant currency and reported. Adjusted earnings per share for the half year were 44.87 cent, up 10.8%, constant currency (up 10.5% reported).

Commenting Siobhán Talbot, Group Managing Director, said: “Glanbia delivered a strong performance in the first six months of 2016 driven by Glanbia Performance Nutrition. Total Group earnings before interest, tax and amortisation for the half year grew by over 11%.

“Sales of performance nutrition brands and value-added nutritional ingredients showed good growth in the first half of 2016 delivering on our vision to be a leading nutrition business.

“Global dairy markets remain weak and continue to be a challenge for parts of the business, however the diversity of the Glanbia portfolio has enabled us to navigate this and we reiterate guidance for the full year of adjusted earnings per share growth of 8% to 10% on a constant currency basis.”