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Glanbia raises profit guidance after bumper H1 results
['Thomas West']
FoodManufacture.co.uk
The Optimum Nutrition owner has seen a 7% year-on-year rise in revenue to US$2.1 billion from US$1.9 billion, driven by strong demand for sports nutrition products and protein ingredients across its portfolio.
The Kilkenny-based firm saw its Performance Nutrition division deliver 16.9% like-for-like revenue growth, boosted by flagship brand Optimum Nutrition.
Its Health & Nutrition division also delivered strong results, posting 12% like-for-like growth.
Group EBITDA increased 14.1% to US$275.4 million, while adjusted earnings per share climbed 30% to 81.24 US cents, ahead of company expectations.
Glanbia has also increased its annual cost-saving target to US$70 million by FY2027, raised its interim dividend by 10% and returned around €100 million to shareholders through share buybacks.