Nutrition group Glanbia has reported strong revenue growth and margin improvements that were ahead of expectations in the first half of its financial year.
In this period, the company’s wholly-owned revenues amounted to €2.04 billion, up 20.3% year-on-year at constant currency (+ 11.2% on a reported basis).
Glanbia Performance Nutrition (GPN) saw revenue growth of 28.1% at constant currency (+19.9% on a reported basis).
The division delivered an EBITA of €90.2 million (pre-exceptional ), up 418.4% year-on-year at constant currency (+360.2% on a reported basis) driven by strong revenue growth and margin improvement.
'Strong Progress'
Commenting on the company’s performance, group managing director, Siobhán Talbot, said, “We made strong progress on our strategic agenda in the first half with significant progress on the GPN transformation programme driving revenue and margin growth, the acquisition of a 60% stake in LevlUp, a European gaming nutrition brand, commissioning of a $470 million JV plant in Michigan, the progression of our environmental, social and governance (“ESG”) strategy, and the restructure of legacy pension liabilities to de-risk our balance sheet.”
Glanbia Nutritionals (GN), Nutritional Solutions (NS) delivered like-for-like volume growth of 14.9% at constant currency in this period.
EBITA (pre-exceptional) at GN amounted to €69.7 million, up 17.1% at constant currency, driven by a strong performance in NS.
Outlook
The company also raised its full-year guidance for growth in adjusted EPS to 22% from 17%.
Talbot added, “Our compelling belief has always been that consumers increasing focus on health and wellbeing positions Glanbia well for the future, given our portfolio of nutrition brands and ingredient solutions.
“Our focused actions to drive demand coupled with the consumer response to market re-openings in the first half of 2021 has strengthened our belief that these trends will continue to deliver long-term growth for Glanbia.”
Earlier this year, the company reported a 13.3% decline in like-for-like revenue at its Glanbia Performance Nutrition (GPN) unit for full year 2020.
