Strong performance from Glanbia as it shakes off Covid effect

Global nutrition group Glanbia said it delivered a strong performance in the first half of the year, beating expectations as it recovered from the impact of the pandemic.

Preliminary revenues at the company’s wholly-owned business were 11 per cent higher year-on-year amid strong demand across its Glanbia Performance Nutrition and Glanbia Nutritionals, Nutritional Solutions units. The second quarter saw particular growth, Glanbia said.

Both units delivered strong earning before interest, tax, depreciation and amortisation margins in the first six months of the year.

Joint ventures delivered a performance in line with the previous year.

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Adjusted earnings per share were 52 cent, up 68 per cent.

The company raised guidance for the full year adjusted earnings per share from 17 per cent to 22 per cent growth year-on-year, up from a range of 6 per cent to 12 per cent on a constant currency basis.

The strong first-half performance positions the group well to navigate expected cost inflation headwinds in the second half, while also providing the opportunity to increase investment behind brand marketing and nutritional solutions capabilities, to drive long-term sustainable growth,” the company said.