Profit at Glanbia jumps over 50pc after Dairy Ireland sale
Glanbia has reported its eight year of double digit growth, with group profit after tax of nearly €330m, up €117m from €212m in 2016.
The performance was driven by underlying performance and the profit arising on the disposal of 60pc of the Dairy Ireland segment, the group said in its full year results today.
The disposal of Dairy Ireland generated net cash proceeds of €208.8m for the group.
Its adjusted earnings per share are 87.17 cent, up 3.7pc on the previous year, while earnings before interest, taxation, and amortisation (EBITA) at the group were at 283.2m.
Its star performer, performance nutrition, had an EBITA of €169.7m, a 4.8pc increase on prior year on a reported basis.
The groups nutritional business had an EBITA of €113.5m, a 2pc increase on the previous year on a reported basis. The nutritional performance was driven by a good performance from Nutritional Solutions, Glanbia said.
- Read more: Kerry CEO plays 'long game' as shares slide
Glanbia has recommended a final dividend of 22.00 cent per share, an increase of 65pc on the prior year.
"I am delighted to announce Glanbia's eighth year of double-digit earnings growth in 2017,” Siobhán Talbot, group managing director, said.