KCLR NewsNews & Sport

Glanbia reports rise in revenue for the first six months of 2022

Group MD Siobhan Talbot says the first half of the year has been ahead of expectations.

Glanbia is reporting a rise in revenue for the first six months of 2022.

And further growth is predicted.

Group MD Siobhan Talbot says the first half of the year has been ahead of expectations.

The main highlights are below but the full report can be found here: Glanbia HY 22 Results Final 17 08 22 regional

• Group revenues of €2.8 billion (HY 2021: €2 billion) represents a growth of 26.8% constant currency (up 38.5% reported);

• Strong operating performance:

      – Glanbia Performance Nutrition (“GPN”) branded like-for-like volume +1.9%, pricing +13.9%

      – Nutritional Solutions (“NS”) like-for-like volume +1.6%, pricing +17.9%;

• Group EBITA pre-exceptional €171.7m (HY 2021: €159.9m), a decrease of 3.5% constant currency (up 7.4% reported);

• Adjusted earnings per share1 (“EPS”) ahead of expectations at 52.31 cents (HY 2021: 48.84 cents), a decrease of 3.8% constant currency (up 7.1% reported);

• Basic EPS of 66.13 cents (HY 2021: 27.90 cents);

• Net debt to adjusted EBITDA ratio of 1.83 times (HY 2021: 1.51 times);

• Completed the disposal of 40% interest in Glanbia Ireland and acquired Sterling Technology, a US bioactive ingredient company;

• Continued progress against ESG targets and Board diversity increased;

• Returned €127.1m to shareholders in the period via share buybacks;

• Interim dividend increased by 10% to 12.93 cents per share; and

• Strong H2 EBITA growth expected over the prior year – full-year guidance upgraded to 9% to 13% adjusted EPS constant currency growth (21% to 25% reported2)