independent

Thursday 17 April 2014

Glanbia beats expectations with revenue up 10pc to €3bn last year

SHARES in Glanbia rose marginally this morning after the company reported annual results that beat expectations.

For 2012, the firm said it posted earnings before interest, tax and amortisation of €213m, while revenue grew 10pc to €3bn.

Growth was driven by the company's sports nutritionals business in the US, which saw its consumer divisions benefit from higher prices and better margins.

At home, the consumer foods sector, which includes the likes of Avonmore milk, reported flat profits while growth in the agri-services division was partially offset by the unusually wet weather during the year.

Company chief executive John Moloney said the group had delivered "strong organic growth" during 2012.

"We recorded a 22.1pc increase in organic earnings per share, the third consecutive year of double-digit progression.

"The prospects for 2013 are good, although we remain cautious about the global environment,” he added.

Glanbia is forecasting earnings per share growth of between 8pc and 10pc this year.

By noon shares were trading at €8.51. They have gained nearly 50pc in the last two months.

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