Nutrition firm Glanbia has reported group revenues of $5.4 billion (€5.02 billion) in its 2023 financial year, representing a decline of 8.7% compared to the previous year.
However, the company's adjusted earnings per share (EPS) increased by 20.5% at constant currency to 131.37 cents.
Glanbia's pre-exceptional profit after tax for continuing operations amounted to $298.1 million (€277.35 million), up 21.1% at constant currency.
Hugh McGuire, chief executive officer of Glanbia, attributed the company's performance to "strong global consumer demand, with Optimum Nutrition continuing its growth momentum, delivering volume and price growth in the period."
"In our Nutritional Solutions business, overall volume trends continued to improve through the year, with a sequential improvement in volume growth in the fourth quarter," he added.
Annual Highlights
The company invested $74.2 million (€69.01 million) in 2023 in capital expenditure, with strategic investment amounting to $51.7 million (€48.14 million). This included ongoing capacity enhancement, business integrations, and IT investments to drive further efficiencies in operations.
Total capital expenditure for 2024 is expected to be $75 million to $85 million (€69.75 million to €79.05 million), the company added.
Glanbia returned €100 million to shareholders in 2023 via share buybacks. This year, the company plans to return a further €100 million (€93 million) via share buybacks in FY 2024, starting initially with a €50 million (€46.5 million) buyback programme.
Divisional Performance
Glanbia Performance Nutrition (GPN) reported like-for-like branded revenue growth of 5.1%, with pricing up 5.4% and volume down 0.3%.
The Optimum Nutrition brand delivered like-for-like revenue growth of 17.0% with both volume and price growth.
Elsewhere, Glanbia Nutritionals (GN) reported a 12.3% like-for-like revenue decline, with pricing and volume down 9.0% and 3.3%, respectively.
Outlook 2024
Glanbia expects to deliver adjusted EPS growth of 5% to 8% constant currency in FY 2024.
McGuire stated, "Looking ahead, we will focus on driving growth and shareholder value by stepping up awareness and distribution of our great brands, with a robust innovation pipeline across both our growth platforms."
