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Glanbia's 2012 results beats expectations

Total group revenue grew by 4.8 per cent to €2.88 billion.

Glanbia truck leaving the Glanbia food processing facility in Ballyragget, Co Kilkenny.
Glanbia truck leaving the Glanbia food processing facility in Ballyragget, Co Kilkenny.
Image: Eamonn Farrell/Photocall Ireland

THE TOTAL GROUP revenue for the global nutritional solutions and cheese group Glanbia grew by 4.8 per cent to €2.88 billion last year, exceeding expectations.

The group’s recorded earnings before interest, tax and amortisation was up by 9.4 per cent to €213 million.

Adjusted earnings per share grew 14.2 per cent on a constant currency basis, ahead of expectations.

The company put the strong performance down to its global nutritionals division where they say “like for like revenue grew 20 per cent reflecting positive markets and strong operational performances in each business unit”.

They restructured their Irish dairy processing business last year from a wholly owned operation to an associate, this saw the society’s ownership of the plc reduce to 41.3 per cent and the composition of the board will evolve on a phased basis from 2016.

John Moloney, Glanbia Group Managing Director, said they are hopeful but cautious about growth in 2013 given the global environment:

We expect adjusted earnings per share growth, on a constant currency basis, of between 8 per cent and 10 per cent for the full
year from a base of 51.02 cents.

The Irish dairy processing transaction facilitates a concentrated focus on our international growth and the longer-term prospects for Glanbia are very positive. We are in a stronger position than ever to drive the business forward and capitalise on our competitive advantage in both business-to-business and business-to-consumer nutritional products and solutions.

Read: Glanbia to sell 60 per cent of dairy ingredients business >

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Amy Croffey

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