Group revenues at Glanbia, the nutrition company, for the first six months of 2023 were reported as $2.8 billion, a decrease from $3.1 billion in the same period in 2022. This represents a 10% decrease in constant currency, according to the company’s latest financial results released on Wednesday, August 16. Despite the decline in revenues compared to the first half of 2022, the results show earnings growth in the first half of 2023 and a positive outlook for the remainder of the year. The company has upgraded its full-year guidance, expecting a growth of between 12% and 15% in adjusted earnings per share (EPS), reflecting an improved outlook for Glanbia Performance Nutrition (GPN).
According to the financial results, Glanbia group revenues were $2.8 billion for the first six months of 2023, down from $3.1 billion in the same period in 2022, representing a decrease of 10.0% in constant currency. Group EBITA (earnings before interest, taxes, depreciation, and amortization) pre-exceptional reached $198.6 million, an increase of 6.1% in constant currency compared to the same period in 2022. Adjusted earnings per share were 60.78c, showing a growth of 6.6% in constant currency. The company also announced an interim dividend increase of 10% to 14.22c (€) per share, with €64.5 million returned to shareholders through share buyback activity. Additionally, Glanbia completed the sale of Glanbia Cheese joint ventures, generating initial proceeds of €178.9 million, including the repayment of shareholder loans.
Siobhán Talbot, the group managing director, who announced her retirement at the end of this year, expressed her satisfaction with Glanbia’s performance in the first half of the year, stating that it exceeded expectations despite the ongoing volatility in global market conditions. Talbot attributed this success to a strong operating performance, continued demand for their better nutrition brands and ingredients, and the exceptional commitment of their employees. She further stated that the guidance for full-year 2023 has been upgraded, with adjusted earnings per share now expected to grow by between 12% and 15% on a constant currency basis. Talbot emphasized that the strong earnings momentum in the first half of 2023 was driven by the excellent performance of GPN, with revenue, earnings, and margin growth reflecting the global success of their flagship Optimum Nutrition brand.
In conclusion, Glanbia’s financial results for the first half of 2023 show a decrease in group revenues compared to the same period in 2022. However, the company’s earnings have grown, and the outlook for the remainder of the year is positive. Glanbia has upgraded its full-year guidance, expecting a growth of between 12% and 15% in adjusted earnings per share. Siobhán Talbot, the group managing director, expressed her satisfaction with the company’s performance, attributing it to a strong operating performance, continued demand for their products, and the dedication of their employees.
