Glanbia's revenues for 2017 rise by 9%

Kilkenny business leader, Glanbia delivers eighth year of double-digit earnings growth

Sean Keane

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Sean Keane

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sean.keane@kilkennypeople.ie

Kilkenny business leader, Glanbia delivers eighth year of double-digit earnings growth

Siobhan Talbot, Glanbia Group MD and Henry Corbally, Chairman of Glanbia

Kilkenny based global food giant, Glanbia Plc has stunned the market with excellent results and a hugely favourable forecast for next year, recording its eight year-in-a-row of double digit growth.

Glanbia's revenues rose by 9% in  2017, the world nutrition group, announced this morning as part of its results for the financial year ending 30 December 2017.

Revenues rose to €2.387 billion from €2.231 billion in 2016, while the company also reported adjusted earnings per share growth of 10.2% to 87.11 cent. 

Glanbia's profit after tax came in at €329.4 million, although there was a once-off gain there from the disposal of a 60% share in Dairy Ireland.

The company said its board has recommended a final dividend of 16.09 cent per share, which brings the total dividend for the year to 22 cent per share, a 65% increase on the previous year.

Siobhán Talbot, Glanbia's managing director, said the company's growth last year was broad based. Its divisions - Glanbia Performance Nutrition, Glanbia Nutritionals and its joint ventures - all saw good volume growth across all segments. 

Ms Talbot said the company's focus in 2018 will be on volume driven revenue growth. 

"The outlook for 2018 is positive and I expect Glanbia will deliver between 5% to 8% growth in pro-forma adjusted earnings per share on a constant currency basis," Ms Talbot said. 

"We expect growth to be delivered in the second half of 2018 as comparative dairy dynamics and planned investments will adversely affect performance in the first half of 2018," she added.

Glanbia completed the disposal of 60% of the Dairy Ireland segment and related assets to Glanbia Co-operative Society Limited in July, generating net cash proceeds of €208.8 million.

The businesses of Glanbia Ingredients Ireland and Dairy Ireland were then combined to create a new joint venture called Glanbia Ireland. This joint venture is owned 60% by Glanbia Co-Operative Society and 40% by Glanbia Plc.