Press releases

10 Aug 2017

2017 Half Year Results

Good performance in first half driven by Glanbia Nutritionals
FY guidance reiterated of 7% to 10% constant currency pro forma EPS growth1

 

10 August 2017 – Glanbia plc (“Glanbia”, the “Group”, the “plc”), the global nutrition group, announces its results for the six months ended 1 July 2017.

 

Results highlights for the half year 2017

  • Sale of 60% of Dairy Ireland and related assets completed on 2 July 2017 and a new joint venture, “Glanbia Ireland”,  established encompassing the businesses of Glanbia Ingredients Ireland DAC and Dairy Ireland;
  • On a pro forma basis Adjusted Earnings Per Share1 grew 13.2% reported (10.1% constant currency);
  • Wholly owned revenues from continuing operations of €1,185.7 million (2016: €1,077.9 million) up 10.0% on prior half year (7.3% constant currency);
  • Wholly owned EBITA from continuing operations of €148.3 million (2016:€139.1 million) up 6.6% on prior half year (3.5% constant currency);
  • Glanbia Performance Nutrition delivered reported revenue growth of 7.6% (5.4% constant currency) and reported EBITA growth of 3.1% (0.2% constant currency);
  • Glanbia Nutritionals delivered reported revenue growth of 12.2% (9.0% constant currency) and reported EBITA growth of 11.6% (8.1% constant currency); and
  • Joint Ventures and Associates delivered strong revenue and EBITA growth of 23.1% (23.2% constant currency) and 84.8% (83.8% constant currency) respectively.

 

Commenting today Siobhán Talbot, Group Managing Director, said:

“Glanbia delivered a good performance in the first six months of 2017 with wholly owned revenues from continuing operations growing 7.3%, constant currency, when compared to the same period in 2016. Pro-forma Adjusted Earnings Per Share1 was up 10.1%, constant currency. The sale of 60% of Dairy Ireland and related assets was completed on 2 July 2017 and this business together with Glanbia Ingredients Ireland have formed a new Joint Venture named Glanbia Ireland.  Glanbia Nutritionals and Joint Ventures were the main drivers of growth in the first half and we believe second half earnings progression will also be driven by Glanbia Performance Nutrition where good organic growth is expected for the remainder of the year. Overall, we reiterate guidance for the full year of pro-forma Adjusted Earnings Per Share1 growth of 7% to 10% on a constant currency basis.”

 

  1. Pro-forma Adjusted Earnings Per Share from continuing operations calculation assumes the Dairy Ireland segment and related assets were disposed of at the beginning of  the 2016 financial year.  A reconciliation is set out on pages 47 and 48 of the glossary to the financial statements
  1. To arrive at the Constant Currency Change, the average FX rate for the current period is applied to the relevant reported result from the same period in the prior year.  The average Euro US Dollar FX rate for the first half of 2017 was €1 = $1.083 (HY 2016:  €1 = $1.116).
  2. EBITA is defined as earnings before interest, tax and amortisation and is stated before exceptional items.
  3. Total Group includes Wholly Owned business and Glanbia’s share of Joint Ventures & Associates from both continuing and discontinued operations.
  4. Adjusted Earnings Per Share has been amended to exclude the cost of software amortisation within the earnings calculation and also includes the contribution from the Dairy Ireland segment and related assets.

This release contains certain alternative performance measures. A detailed glossary of the key performance indicators and non-IFRS performance measures can be found on pages 42 to 51.

© Glanbia plc 2017. All rights reserved

© Glanbia plc 2017. All rights reserved