22 Feb 2017
2016 Glanbia Full Year Results
Glanbia delivers seventh year of double digit earnings growth;
Announces proposed sale of 60% of Dairy Ireland
22 February 2017 - Glanbia plc (“Glanbia”, the “Group”, the “plc”), the global nutrition group, announces its results for the financial year ended 31 December 2016.
Results highlights for the full year 2016
- Adjusted Earnings Per Share 87.66 cent, up 11.2% on prior year, constant currency (up 10.8% reported);
- EBITA from wholly owned business €305.1 million, up 12.5% on prior year, constant currency (up 12.6% reported)
- EBITA margins from wholly owned business 10.7%, up 90 bps on prior year, constant currency and reported;
- Glanbia Performance Nutrition (“GPN”) EBITA €162.6 million, a 20% increase on prior year, constant currency (up 19.9% reported);
- Glanbia Nutritionals (“GN”) EBITA €111.8 million, a 4.5% increase on prior year, constant currency (up 4.9% reported);
- Strong cash conversion with free cash flow of €311.0 million representing 87.6% of EBITDA; and
- Recommended final dividend of 7.94 cent per share, an increase of 10% on prior year.
Commenting today Siobhán Talbot, Group Managing Director, said:
“I am pleased that Glanbia had a strong Group-wide performance in 2016 delivering our seventh year of double digit earnings growth coupled with strong cash conversion. It has been an exciting start to 2017 with a number of key strategic initiatives progressing which will shape the future direction of the Group. Today Glanbia is announcing that it has signed a non-binding memorandum of understanding for the sale of 60% of the Dairy Ireland segment to Glanbia Co-operative Society Limited. Also as recently announced Glanbia Performance Nutrition has made two acquisitions within the plant based nutrition category and direct to consumer channel further expanding our channel and consumer reach. In addition Glanbia is also in advanced discussions to form a new Joint Venture (JV) in the US to build a large scale cheese and whey facility. All of these initiatives demonstrate a desire to play to our strategic strengths and are aligned to our vision to be one of the world’s top performing nutrition companies.”