Tipperary farmers are in for a boost, as Glanbia have launched a new share buy back programme of up to €50 million.
331 farmers from across the Premier County supply Glanbia and they were paid €131 million for milk in 2020.
The global nutrition company have released their financial results for the first half of this year, showing strong revenue growth, ahead of expectations.
They announced revenue of over €2 million, up more than 20% on the previous half year, driven by a strong demand across the main brand and ingredients business.
Speaking about the results, Group Managing Director, Siobhán Talbot said they are very happy with what they achieved throughout the Covid 19 pandemic.
“We’re really very pleased with the strong performance for the first half of the year, last year was tough, but we focused on many levels with the pandemic, but I would say, we really focused, invested in the business, and then we saw that work through the consumer response to the re-openings that really set us up well and we’ve had really good demand for our products in the first half.”
Some of the highlights of the report are included below;
- Wholly-owned revenues of €2,042.2 million (HY 2020: €1,836.7 million), up 20.3% constant currency on prior half year (up 11.2% reported);
- Glanbia Performance Nutrition (GPN) delivered revenue growth of 28.1% constant currency on prior half year (up 19.9% reported);
- Glanbia Nutritionals, Nutritional Solutions (NS) delivered like-for-like volume growth of 14.9% constant currency on prior half year;
- GPN delivered EBITA pre-exceptional of €90.2 million, up 418.4% constant currency on prior half year (up 360.2% reported) driven by strong revenue growth and margin improvement;
- Glanbia Nutritionals (GN) delivered EBITA pre-exceptional of €69.7 million, up 17.1% constant currency on prior half year (up 6.6% reported) driven by a strong performance in NS;
- Joint Ventures (JVs) delivered pre-exceptional share of profit after tax of €29.9 million, down €1.9 million on prior half year;
- Adjusted EPS of 52.86 cent, an increase of 85% constant currency (up 70.2% reported);
- Exceptional items in the first half of 2021 resulted in a charge of €52.2m (HY 2020: €14.6m) related to GPN transformation programme and legacy pension scheme restructuring;
- Basic EPS of 27.90 cent (HY 2020: 18.73 cent), up 49.0% reported on prior half year;
- Operating cash flow of €161.4 million, up €114.2m on prior half year and a cash conversion ratio of 84.4%;
- Net debt to adjusted EBITDA ratio of 1.51 times (HY 2020 1.95 times), a reduction on prior year due to strong cash flow;
- Acquisition completed in H1 2021 of a 60% stake in LevlUp, a European direct-to-consumer (DTC) gaming nutrition brand;
- Interim dividend of 11.75 cent per share (HY 2020: 10.68 cent) recommended by the Board, an increase of 10.0% on prior year; and
- Announcing the launch of a new share buyback programme of up to €50 million.
For more information on the report, see the Glanbia website.
