Glanbia revenues climb to €3.3 billion

Food group Glanbia has reported results ahead of expectations this morning with 2013 revenues rising to €3.3 billion on the back of strong volume growth in its global performance nutrition division.

Total group revenue grew 8 per cent in the year, with earnings before interest, taxes and amortisation (EBITA) up 5.6 per cent to €226.7 million.

Siobhan Talbot, group managing director said that the group had "performed well" in the year, particularly global performance nutrition where strong momentum in branded revenue growth and international expansion delivered a 28 per cent increase in profitability.

“Glanbia had another year of double digit earnings growth in 2013 as the group delivered a 12 per cent increase in adjusted earnings per share. We expect 2014 to be another positive year for the group.”

Revenues in the global performance nutrition division increased 11.8 per cent to €655.3 million driven almost entirely by volume growth as prices were largely unchanged in the period.

Global ingredients also delivered a good performance, with revenues increasing by 11.5 per cent to €1.07 billion.

Dairy Ireland was more challenging however, as underperformance in consumer products outweighed a solid performance in Agribusiness.

The company is guiding 8 per cent to 10 per cent growth in adjusted earnings per share for the full year 2014, on a constant currency basis.

“Our ambition is to continue to deliver a similar annual organic growth rate through to 2018, while seeking to sustain a return on capital employed in excess of 12 per cent,” Ms Talbot said.

Glanbia said it was recommending a dividend of 5.97 cent per share. This represents an increase of 10 per cent in the year and brings the total dividend for the year to 10 cent per share.