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.
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.
