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Glanbia report 16.6% revenue increase for 2019

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Glanbia have released their results for the 2019 year, showing a revenue increase of 16.6%.

They reported revenue of €3,875.70 million, while their joint ventures reported a share of profits up €3.3 million to €48.6 million.

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Glanbia had a recommended final dividend per share of 15.94 cent and the total 2019 dividend increased by 10% to 26.62 cent, representing a pay out ratio of 30.2%

Group Managing Director Siobhan Talbot said Glanbia Nutritionals saw broad-based volume growth with notable performances in vitamin and mineral blends, and healthy snack ingredients, underlining the continued consumer shift towards health and wellness.

Listen to a snippet here;

Commenting today Siobhán Talbot, Group Managing Director, said:

“It was disappointing that earnings were impacted by challenges in the Glanbia Performance Nutrition (“GPN”) segment and to address these we have conducted a comprehensive business review and are taking actions to simplify our business, allowing us to concentrate on our core brands, and optimising our routes to market across channels and geographies. As a result, we expect GPN to regain branded revenue growth momentum in 2020.

“Glanbia is financially strong and cash generative. We have increased our dividend by 10% and we are proposing to our shareholders that we adopt a share buyback programme in 2020.

“We are confident that the actions being taken will position the company to generate enhanced shareholder value in a growing healthy nutrition market.”

Summary of Results for Full Year 2019

·       Revenue of €3,875.7 million (2018: €3,170.5(1) million), up 16.6% constant currency on prior year (up 22.2% reported)

·       Pre-exceptional EBITA of €276.8 million (2018: €284.9 million), down 7.8% constant currency (down 2.8% reported)

·       Joint Ventures (JVs) reported share of profits up €3.3 million to €48.6 million

·       Profit after tax, pre-exceptional of €214.8 million (2018: €234.0 million)

·       Exceptional items, after tax, of €34.6 million; primarily relates to actions commenced to re-organise GPN for growth

·       Profit after tax, post-exceptional, of €180.2 million (2018: €234.0 million)

·       Adjusted earnings per share(2) (EPS) of 88.10 (2018: 91.01 cent) cent in line with guidance of 88c – 92c

·       Basic EPS(3) of 61.04 cent (2018: 79.28 cent)

·       Operating cash flow (OCF) of €279.9 million; 86% conversion rate

·       Recommended final dividend per share of 15.94 cent; total 2019 dividend increased by 10% to 26.62 cent, representing a payout ratio of 30.2% 

·       Completed review of GPN operations and markets with actions commenced to drive revenue growth

·       2020 adjusted EPS expected to be broadly in line with prior year on a constant currency basis.

 

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