Kilkenny-based food group said overall group revenue fell by 1.1 per cent to $1.82 billion on a constant currency basis
Kilkenny-based food group Glanbia has reported lower revenue and profits for the six months to the end of June.
The company said overall group revenue fell by 1.1 per cent to $1.82 billion on a constant currency basis while profit after tax fell to $143.3 million, down from $193.4 million the same time last year. However, adjusted earnings per share were up 12.4 per cent, driven by volume growth across its performance nutrition brands including its top-selling Optimum Nutrition. The company also reiterated its full-year earnings guidance of 5-8 per cent growth in adjusted EPS.
“Our earnings growth was driven by a strong performance in GPN , with volume growth, earnings and margin reflecting strong consumer demand,” chief executive Hugh McGuire said.Chipmakers facing a crisis due to shortages of engineers and technicians“Our strong operational and financial performance continues to support our capital allocation framework, with the interim dividend increased by 10 per cent and €50 million returned to shareholders via share buy-backs.
“Looking ahead, we continue to focus on driving growth across our portfolio of great brands and ingredients. The category trends remain positive, and with the continued consumer and customer demand for our ‘Better Nutrition’ brands and ingredients we will see a sequential improvement in volumes across GPN and NS in the second half of the year,” he said.
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