Glanbia celebrates growth of 6.8% as results for 2024 financial year are announced - Kilkenny Live
Experiencing increases in almost every pathway, the staff at Glanbia are thrilled their hard-work is paying off
It has been another incredible year for Kilkenny-based business Glanbia, as the 'better nutrition company' has announced their preliminary results for the 2024 financial year, which ended on January 4, 2025.
After adjusting their EPS growth, Glanbia ended the year with a strong performance of 6.8% constant currency.
Group revenues have also increased by 5.8%, where they made $3.8 billion. This is up from the 2023 figures of $3.6 billion.
Group EBITDA was pre-exceptional of $551.3 million representing an astonishing increase of 11.8% constant currency as in 2023, they ended the year with $493.4 million.
Experiencing increases in almost every pathway, the staff at Glanbia are thrilled their hard-work is paying off.
Commenting on this, Hugh McGuire, Chief Executive Officer, said, “On behalf of the Glanbia team, I am pleased to report that the Group delivered a strong performance in 2024 with adjusted EPS growth of 6.8% to 140.03$c, driven by growth across our portfolio of better nutrition brands and ingredients. 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.
Our strong operational and financial performance continued to generate excellent cash flow, with 88.0% cash conversion in 2024. We increased the dividend by 10% and returned €102 million to shareholders via our share buyback programme, including €2 million of a €50 million buyback programme announced in November 2024 which is ongoing and authority for an additional €100 million of share buybacks announced today. We continue to evolve and optimise our portfolio, which included the acquisition of Flavor Producers in April and the decision to exit the Body and Fit business and the SlimFast brand.
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 by 2027. These actions are designed to drive focus, unlock value and position Glanbia for its next phase of growth," he concluded.
Looking ahead to 2025, the company will focus on continuing to drive performance across their portfolio of better nutrition brands and ingredients, while navigating short-term input cost inflation. In FY 2025, they expect adjusted EPS to be in the range of 124 $cent and 130 $cent.”
This will be driven by a good performance from Health and Nutrition, Dairy Nutrition and the Group’s US joint venture ahead of prior year, with Performance Nutrition expected to deliver a decline in performance versus prior year as a result of an unprecedented level of input cost inflation.