Irish multinational nutrition firm Glanbia has reported a 5.8% year-on-year increase in revenue on a pro forma and constant currency basis, to $3.8 billion (€3.61 billion), in its financial year 2024.
The SlimFast maker's group EBITDA before exceptional items amounted to $551.3 million (€523.7 million), up 11.8% at constant currency, while pre-exceptional profit after tax was $310.3 million (€294.8 million), reflecting an increase of 4.1%.
The company reported an adjusted EPS growth of 6.8% to $1.40 (€1.33), driven by growth across its portfolio of better nutrition brands and ingredients.
Divisional Performance
Glanbia Performance Nutrition (GPN) reported revenue growth of 0.5% at constant currency with volume growth of 2.9% in full-year 2024.
EBITDA at GPN increased by 8.3% year on year to $305.4 million (€290.1 million), with EBITDA margin at 16.9%—an increase of 120bps compared to 2023.
The company attributed this growth to lower input costs in the first half of the year, continued focus on revenue growth management initiatives, and operating efficiencies and margin optimisation.
Glanbia Nutritionals and Nutritional Solutions (GN NS) posted double-digit revenue growth of 14.0% and volume growth of 3.6%.
The division's EBITDA increased 27.2% year-on-year to $200.0 million (€190.0 million), while the EBITDA margin stood at 19.8%, reflecting an increase of 200bps, primarily driven by higher dairy pricing within the proteins business.
Hugh McGuire, chief executive officer of Glanbia, added, “Optimum Nutrition and Isopure, our protein growth brands, delivered double-digit volume growth in the year and we saw good growth across our premix and protein solutions businesses within Nutritional Solutions.”
Outlook 2025
Glanbia expects to deliver adjusted EPS between $1.24 (€1.18) and $1.3 (€1.24) in its financial year 2025.
The company expects growth to be driven by good performance in Health & Nutrition, Dairy Nutrition, and US joint venture units.
However, its Performance Nutrition business is expected to deliver a decline in performance compared to the previous year due to an unprecedented level of input cost inflation.
McGuire added, “We have commenced a multi-year group-wide transformation programme to drive efficiencies and support the next phase of growth. This includes setting up a new operating model, delivering productivity initiatives, and further optimising our portfolio, targeting annual cost savings of at least $50 million (€47.5 million) by 2027.
“Looking ahead to 2025, we will focus on continuing to drive performance across our portfolio of better nutrition brands and ingredients, while navigating short-term input cost inflation.”
Transformation Plan
Glanbia's transformation plan includes the introduction of a new operating model with three focused divisions: Performance Nutrition (PN), Health & Nutrition (H&N) and Dairy Nutrition (DN).
The company will also divest its weight management brand, SlimFast, and exit the Benelux direct-to-consumer e-commerce business, Body & Fit.
