Glanbia has lifted its annual earnings guidance following a “resilient” first-half performance.
The London-listed nutrition group increased revenues by 6% to $1.9bn in the six months to 5 July, with volumes up 0.9%, prices by 3.4% and 1.7% coming from acquisitions.
However, pre-tax profits fell 32.5% to $114.5m after one-off exceptional costs of $40.2m related to the group-wide transformation programme started in 2023 and the writing down in value of non-core assets.
Glanbia’s performance nutrition division reported a revenue decline of 3.8% in half as volumes and prices decreased, but the figure improved to –1.5% when excluding the non-core SlimFast and Body & Fit brands.
The health & nutrition arm, which supplies ingredients and flavours, boosted revenues 18% as volumes increased 6.9% and the group integrated acquired businesses into the operation.
Daily nutrition, which produces whey protein isolate and American-style cheddar cheese, registered growth of 14.1%.
The group said it now expected adjusted earnings per share to be in the range of 130 cents to 133 cents, up from 124 to 130 previously.
Glanbia also announced the appointment of Paul Duffy as chairman, starting on 1 January to take over from Donard Gaynor, who is retiring.
CEO Hugh McGuire said: “Today’s results reflect a first half of significant execution and progress as we generated 6% revenue growth in the period, underpinned by strong growth in H&N and DN and a sequential improvement in PN through the period as the group navigated significant macroeconomic volatility.
“We are today upgrading our full-year adjusted EPS guidance to 130 to 133 $cent as a result of increased revenue momentum in PN and improved margins in H&N. The category trends remain positive, and we expect to see continued improvement in volumes across PN in the second half of the year with continued momentum in H&N and DN.”
No comments yet