IRELAND: FY profits up at Glanbia
Glanbia's performance nutrition arm enjoyed fastest sales and profit growth of company's divisions
Glanbia today (12 March) reported higher annual profits as continued improvement at the Ireland-based food group's performance nutrition arm offset a challenging year for its domestic dairy business.
The company posted net profit of EUR150.3m (US$208.4m) for the year to 4 January, up 3.7%. The higher earnings came on the back of a 23.2% jump in EBITA from Glanbia's performance nutrition division, which manufactures products for the sports nutrition market. Glanbia cited an "improved revenue mix" and lower input costs.
EBITA from Glanbia's global ingredients business was up 4% thanks to "positive performances" from US cheese and the company's "customised solutions" unit.
However, EBITA from the group's Irish consumer dairy division dropped 29.1% as private-label hit the company's brands, which include Avonmore milk and Kilmeaden cheese.
All three divisions generated higher sales, with the performance nutrition business enjoying the highest growth.
MD Siobhán Talbot said Glanbia expected 2014 "to be another positive year for the group". The company forecast an 8-10% rise in adjusted earnings per share on a constant-currency basis, compared to 2013, when earnings by that metric were up 11.9%.
Talbot added: "Our ambition is to continue to deliver a similar annual organic growth rate through to 2018."
Shares in Glanbia were up 2.79% at EUR11.25 at 11:15 GMT.
Click here for the full statement from Glanbia.
Synopsis Canadean's "Glanbia plc : Consumer Packaged Goods - Company Profile, SWOT & Financial Report" contains in depth information and data about the company and its operations. The profile contains...
Glanbia Plc has evolved to become a leading performer in nutrition and health based products at global level. The company is likely to continue with its strategy of pursuing organic growth through tac...
Glanbia is one of the world’s largest dairy companies. Although its headquarters are still in Ireland, much of its business is now focused on the US. Due to its large cheese manufacturing business, it...
Dairy in Ireland industry profile provides top-line qualitative and quantitative summary information including: market size (value 2009-13, and forecast to 2018). The profile also contains description...
- Nestle's 2014 results: 10 Things to Learn
- Why "simple" and "real" will be industry buzzwords
- Maspex: M&A opportunities in eastern Europe
- Why US Dietary Guidelines report deserves praise
- The just-food interview: Bega Cheese CEO
- Kerry Group CEO expects more M&A in 2015
- Gruma FY earnings surge as margins improve
- Glanbia FY profits beat analyst forecasts
- Kerry sales, earnings rise but food weighs
- UPDATE: Mondelez confirms Irish plant changes