Glanbia upgrades full-year outlook on strong performances of dairy and health segments
The Kilkenny firm, which separated from the farmer-owned co-op Tirlán to focus on its global business, increased its interim dividend by 10% to 17.20 cent per share and returned €62.8m to shareholders via share buyback programs.
Glanbia's Health & Nutrition division, which creates flavourings and ingredients for other companies, saw an 18% revenue increase, driven by a 6.9% rise in volume and a significant 11.5% contribution from acquisition. Glanbia announced the acquisition of Sweetmix, a Brazil-based nutritional solutions business, to facilitate growth in the Latin American market.
The Dairy Nutrition segment delivered a 14.1% increase in revenue. This was driven by a combination of volume growth and favourable dairy market pricing.
Glanbia CEO Hugh McGuire.
However, the company's Performance Nutrition (PN) division faced challenges, with a 3.8% decline in revenue. This was primarily attributed to elevated whey protein costs and anticipated declines in non-core brands.
However, Glanbia said there were positive signs of recovery, particularly with the flagship Optimum Nutrition brand, which saw a revenue increase in the second quarter.
CEO Hugh McGuire said: 'Today's results reflect a first half of significant execution and progress as we generated 6% revenue growth in the period, underpinned by strong growth in H&N and DN and a sequential improvement in PN through the period as the Group navigated significant macroeconomic volatility.'
Glanbia announced the appointment of Paul Duffy as Chair-Designate, who will succeed Donard Gaynor on January 1.
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