Good first half momentum, full year outlook upgraded to 9% to 13% growth in adjusted EPS constant currency
Glanbia plc (“Glanbia”, the “Group”, the “Company”, the “plc”), the global nutrition company, is publishing its financial results for the six month period ended 2 July 2022 (“half year 2022”, or “HY 2022”).
Half year highlights include:
- Group revenues of €2.8 billion (HY 2021: €2 billion) represents 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 share (“EPS”) ahead of expectations at 52.31 cent (HY 2021: 48.84 cent), a decrease of 3.8% constant currency (up 7.1% reported);
- Basic EPS of 66.13 cent (HY 2021: 27.90 cent);
- 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 cent per share; and
- Strong H2 EBITA growth expected over prior year – full year guidance upgraded to 9% to 13% adjusted EPS constant currency growth (21% to 25% reported )
Commenting today Siobhán Talbot, Group Managing Director, said:
“I am pleased to report that half year 2022 results have exceeded our plans, demonstrating the impact of a series of actions implemented since the latter part of last year in response to unprecedented inflation.
Revenues grew strongly with significant pricing initiatives and volume growth in all business segments in the period. Adjusted EPS1 at 52.31 cent, reflected improving momentum across the Group, building on a strong 2021 comparator. We continue to make progress on our strategic agenda and with the completion of the sale of the Company’s minority interest in Glanbia Ireland, Glanbia plc continues to evolve as a focused, purpose led global nutrition company.
We will continue to monitor inflationary trends into the second half of the year but are confident that further pricing action and operational efficiencies will deliver improving margins and strong year-on-year EBITA growth.
Current expectations for improved EBITA growth in GPN underpin the upgrade in full year guidance for the Group, with growth in adjusted EPS1 now expected to be 9% to 13%, constant currency. Based on current foreign exchange rates, the reported adjusted EPS growth is expected to be 21% to 25%.”
For full results click here