Glanbia aiming for revenue of over €5bn by 2022
Food company Glanbia is aiming to achieve annual group revenue of over €5bn by 2022.
Glanbia managing director Siobhán Talbot said that the company's three platforms - Glanbia Performance Nutrition, Glanbia Nutritionals and Strategic Joint Ventures - were well positioned to deliver long-term, sustainable growth.
Growth at the company will be delivered both organically and through "selective" mergers and acquisitions.
"Glanbia is today a focused group with market-leading platforms in performance nutrition, value-added nutritional solutions and dairy ingredients," Ms Talbot said in the US, where she was speaking at the company's Capital Markets Day.
"We are well positioned to capture growth from global consumer nutrition trends related to health and wellness, active lifestyles and clean ingredients."
Over the next five years the company is aiming to achieve average adjusted earnings per share growth in constant currency of between 5pc-10pc, while it is aiming for an annual return on capital employed of between 10pc-13pc.
The company also said that it would introduce an annual operating cash-conversion target of greater than 80pc.
According to Davy analysts, the targets "strike a healthy balance between growth, capital discipline, and cash conversion".
"The introduction of a cash conversion target should be welcomed," Davy said.
The company also used the event to reiterate its full-year guidance of adjusted earnings per share growth of between 5pc-8pc for 2018 on a pro-forma basis.
Last year, Glanbia reported revenue of €2.38bn from its wholly-owned operations, a 7pc increase year-on-year.