Glanbia reports strong first-half performance
Glanbia Nutrition said revenue for the first half rose 7% to $2.1bn (€1.8bn), measured on a reported basis. Like-for-like revenue increased across all three operating segments. The company attributed the performance to faster category growth and demand in end-use markets.
Performance nutrition revenue grew 17.9%, despite higher whey costs. Optimum Nutrition recorded double-digit volume growth during the period. Glanbia said the result reflected faster category growth, broader distribution and continued product innovation.
Revenue in health and nutrition increased 12%, while volumes rose 14.3%. The company reported ongoing capacity expansion in the United States, China and Europe. It linked the performance in the segment to demand from its end-use markets.
Dairy nutrition recorded strong volume and price growth in protein solutions. Glanbia said the segment continued to benefit from underlying consumer demand for those products. The company did not provide a separate revenue figure for dairy nutrition in the statement.
Glanbia increased its annual savings objective for its group-wide transformation programme from $60m (€51.9m) to $70m (€60.6m) by fiscal 2027. It also reported strong cash flow, raised its interim dividend by 10% and returned €100m to shareholders through a share-buyback programme.
The company now expects adjusted EPS to grow by 17–20% in constant currency, compared with its previous range of 7–11%. Its forecast for dairy nutrition was raised to $170m–$180m from $160m–$170m.
Hugh McGuire, Glanbia’s chief executive, said the company had delivered volume and like-for-like revenue growth in all three segments while managing whey-cost inflation in performance nutrition. He said the revised earnings outlook would be supported by demand in consumer categories and end-use markets, together with operating performance across the business.
