Glanbia Sees Earnings Up, Revenue Down In First Half
Glanbia, a nutrition group, has disclosed a 5.9% rise in EBITDA during the initial half of its financial year; however, revenues for the same period experienced a decline of 10%.
Within this Irish company’s two primary divisions, performance varied. Glanbia Performance Nutrition (GPN) witnessed a 3.7% increase in like-for-like branded revenue, primarily fueled by a notable rise in pricing (10.9%). Nonetheless, volumes within this division dropped by 7.2%.
Specifically within the GPN segment, Optimum Nutrition brand achieved a robust 16.2% growth in like-for-like revenue, driven by both improved volumes and pricing.
In contrast, the Nutritionals – Nutritional Solutions (GN NS) business faced a decline of 15.2% in like-for-like revenue, characterized by a 10.4% reduction in volumes and a 4.8% decrease in pricing.
Nevertheless, noted that GN NS observed an upward trajectory in volumes throughout the period.
Siobhán Talbot, the group managing director, expressed contentment with Glanbia’s performance during the first half of the year, which surpassed expectations.
Talbot credited this achievement to a strong operational showing, sustained demand for their premium nutrition brands and ingredients, and the dedication of their workforce.
As part of its outlook for the full year of 2023, Glanbia has upgraded its guidance. The company now projects adjusted earnings per share to grow between 12% and 15% on a constant currency basis.
Talbot underlined the positive momentum in earnings witnessed during the initial half of 2023, particularly highlighting the strong global performance of their flagship brand, Optimum Nutrition, in GPN.
Talbot also noted that GN’s performance in the first half was in line with expectations, citing customer supply chain adjustments that led to reduced volumes.
