Profit at Glanbia jumps over 50pc on Dairy Ireland sale
Glanbia has reported its eight year of double digit growth, with group profit after tax of nearly €330m, up 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.
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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.
“The outlook for 2018 is positive and I expect Glanbia will deliver between 5pcto 8pc growth in pro-forma adjusted earnings per share on a constant currency basis.”
Its results today show that wholly owned revenue was up 7pc, to €2.4bn.
Glanbia's share of profit after tax from Joint Ventures increased by €16.8m to €42.8m in 2017.
The group's profit, including exceptional items, from discontinued operations was €92.2m, an increase of 277.9pc on prior year. This includes the profit on the disposal of 60pc of Dairy Ireland.
Going forwards, the group said its focus would be on volume-driven revenue growth.
To achieve this Glanbia said it will invest further in building the consumer brand franchise in performance nutrition, the solutions capability in its nutritional segment, and across the group it will continue to support innovation, talent development and systems infrastructure.
For 2018 Glanbia is targeting mid-to-high single digit like-for-like volume growth in both the branded portfolio in performance nutrition and the nutritional solutions component of Glanbia Nutritional.