June 24, 2024
Business News

Kilkenny-based Glanbia reveals decline in earnings as it revises 2019 outlook

KILKENNY-based food giant Glanbia has published its half-annual financial results which show a decline in earnings per share.

The multinational announced a revision downwards for full-year adjusted earnings. The company expects results of between 88 cents and 92 cents per share, as opposed to the predicted 98.5 cents per share.

Group Managing Director Siobhán Talbot (pictured above) said: “Glanbia grew wholly-owned revenues by 12.0%, on a constant currency basis, in the first half of 2019. Adjusted earnings per share declined in the period by 10.8% on a constant currency basis.

“Our Nutritional Solutions, US Cheese and Joint Venture businesses had good results in the period. The recent acquisitions of SlimFast and Watson are performing very well.

“Glanbia Performance Nutrition (“GPN”) had a disappointing first half reflecting a number of factors including, business seasonality, consumer channel shift in Europe and difficult global trade dynamics in key international markets.

“Overall while we have positive momentum across many parts of the Group, this has increased our caution for the remainder of the year.”

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