Glanbia’s profits up, deal reached on Glanbia Cheese
Global nutrition group Glanbia has reported higher revenues and profits for the year to the end of December and announced a deal to sell its stake in Glanbia Cheese business to Leprino Foods Company.
Glanbia said its revenues came in at €5.6 billion, up 21.2% on a constant currency basis from the figure of €4.2 billion in 2021.
Its profit after tax for the year rose to €256.8m from €167.4m while its adjusted Earnings Per Share grew by 17.6% to 104.02 cent.
The Glanbia board is recommending a final dividend of 19.28 cent per share which brings the total dividend for the year to 32.21 cent per share, a 10% increase on prior year.
It said this total dividend represents a payout ratio of 31% of 2022 adjusted EPS, which is within the Board’s target of 25% to 35%.
Siobhán Talbot, Group Managing Director, said the company delivered its highest ever annual earnings performance in 2022.
“This was achieved despite unprecedented inflationary headwinds and was led by the strong performance of the Optimum Nutrition brand, growing US consumption2 by 30.8% in 2022, and continued good delivery by our GN Nutritional Solutions business,” Ms Talbot said.
“This 2022 result underpinned the delivery of the Group targets set out in 2018 for the period 2018 to 2022. Looking forward, our strategic focus on “better nutrition” growth platforms is clear and we are confident that it will drive sustained growth in the coming years, delivering the targets set out at our recent capital markets event,” she added.
Glanbia and Leprino Foods Company have agreed a deal which will see Leprino Foods acquire full ownership of Glanbia Cheese, a mozzarella maker in Europe, for a total consideration of more than €160m.
The dal includes Glanbia Cheese UK and Glanbia Cheese EU.
Glanbia Cheese has three manufacturing facilities – Portlaoise in Ireland, Llangefni in Wales and Magheralin in Northern Ireland.
After the deal is complete, the existing team will continue to manage the business, led by…
..