Glanbia managing director Siobhan Talbot: 'Glanbia is financially strong and cash generative'
Glanbia Group has reported a total revenue of €3,875.7m for last year, up 16.6% from €3,170.5m in 2018.
Pre-exceptional earnings before interest, taxes, and amortization (EBITA) totaled €276.8m, down 7.8%, €284.9m, in 2018.
Joint Ventures (JVs) reported share of profits up €3.3m to €48.6m.
Adjusted earnings per share was 88.10c, down from 91.01, in line with guidance of 88c to 92c.
The recommended final dividend per share of 15.94c saw the total 2019 dividend increased by 10% to 26.62 cent, representing a payout ratio of 30.2%.
“Glanbia has delivered a 16.6% increase in revenues in 2019, driven by a strong performance from our Glanbia Nutritionals (“GN”) segment, and by the acquisitions of SlimFast and Watson," said Siobhán Talbot, the group’s managing director.
She said that GN saw broad-based volume growth with notable performances in vitamin and mineral blends, and healthy snack ingredients, underlining the continued consumer shift towards health and wellness.
“It was disappointing that earnings were impacted by challenges in the Glanbia Performance Nutrition (GPN) segment and to address these we have conducted a comprehensive business review and are taking actions to simplify our business, allowing us to concentrate on our core brands, and optimising our routes to market across channels and geographies," said Ms Talbot.
She said that as a result, Glanbia expected GPN to regain branded revenue growth momentum in 2020.
“Glanbia is financially strong and cash generative. We have increased our dividend by 10% and we are proposing to our shareholders that we adopt a share buyback programme in 2020. We are confident that the actions being taken will position the company to generate enhanced shareholder value in a growing healthy nutrition market," said Ms Talbot.