Glanbia has reported a strong performance for the 2023 financial year, with a 20% increase in post-tax profits, despite falling revenue.
The group reported that adjusted earnings per share (EPS) increased, representing growth of 20.5%, in constant-currency terms.
Global consumer demand drove growth, with Glanbia’s Optimum Nutrition product continuing its momentum.
However, revenue fell by 8.7% in the same period, ending 31 December 2023.
The group reported like-for-like branded revenue growth of 5.1%. This was aided by a pricing increase of 5.4% and a volume decrease of 0.3%.
Optimum Nutrition delivered a like-for-like revenue increase of 17%.
For the group’s nutritional solutions, there was a like-for-like decrease of 12.3%, with prices falling by 9%, and volume by 3.3%.
Despite this, volume trends improved in the second half of the financial year, with growth in Q3 and Q4.
For the 2024 financial year, Glanbia expects to deliver adjusted EPS growth of 5% to 8%, in constant-currency terms.
The company expanded its portfolio, acquiring new ventures and selling its share in Glanbia Cheese.
Glanbia was able to increase its dividend by 10% and return €100 million to shareholders through its share buy-back programme.
The chief executive of Glanbia, Hugh McGuire, said that he was pleased with the results and their indication of growth for the company.
McGuire said, “Glanbia is a company with very strong fundamentals – a clear strategy, a portfolio of great brands and ingredients playing into strong underlying consumer health and wellness trends, with a team of talented people.
“Looking ahead, we will focus on driving growth and shareholder value by stepping up awareness and distribution of our great brands, with a robust innovation pipeline across both our growth platforms.”
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