July 22, 2024
Business News

Kilkenny company confirms massive €130m profits

Kilkenny multinational agrifood business has reported huge profit and massive growth  in its half year results.

Glanbia’s first half performance in 2021 was way ahead of expectations and has led the company to revise its full year guidance of 17% growth to 22% growth.

Led by the sports nutrition arm of the company, Glanbia posted profits of €133.5 million for the first six months of the year.

Revenues are up 70% to just over €2 billion, which in turn allowing them to increase their dividend pay per shareholder by almost 11% compared to last year.

The company also announced they will use some of the profits to buy back €50 million worth of shares from the open market, further strengthening Glanbia’s shareprice.

Commenting on the results, Glanbia Group Managing Director Siobhán Talbot said: “I am delighted to announce that Glanbia has delivered a very strong performance in the first half of 2021 when compared to the prior year.

“The dedication of our people, supply chain partners and customers as we navigated the pandemic together, has positioned Glanbia well on its growth agenda.

“In the first six months of 2021 wholly-owned revenues grew by 20.3%, on a constant currency basis. This was driven by very strong demand across our Glanbia Performance Nutrition (GPN) branded business relative to the pandemic related challenges in 2020, and our Nutritional Solutions(NS) ingredients business, which built on a very resilient 2020 performance.

“The Glanbia team has navigated the pandemic well to date keeping a clear focus on both tactical activity and key strategic initiatives.

“We made strong progress on our strategic agenda in the first half with significant progress on the GPN transformation programme driving revenue and margin growth.

“In the first half, we generated over €160 million of operating cash flow and reduced our net debt by over €100 million. As a result of this strong performance we plan to increase returns to shareholders by raising our interim dividend by 10% as well as launching a share buyback programme today of up to €50 million,” Ms Talbot added.



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