Glanbia revenue increases to €2.85bn

By Matt Atherton

- Last updated on GMT

Glanbia and Glanbia Co-op also revealed plans to create Glanbia Ireland
Glanbia and Glanbia Co-op also revealed plans to create Glanbia Ireland

Related tags Milk Glanbia

Nutrition firm Glanbia reported its seventh year of double-digit earnings growth in its full-year trading update, as its revenue increased 2.8% to €2.85bn (£2.4M).

Earnings before interest, taxes and amortisation (EBITA) was up 12.5% to €305M (£256M), Glanbia reported. Adjusted earnings per share increased 11.2% to €0.877 (74p).

Glanbia also revealed it would sell 60% of its Dairy Ireland business to Glanbia Co-op for €112M (£94M), in the financial report.

Glanbia Ireland

Dairy Ireland – supplier of branded dairy products and animal feed – would be incorporated into a new entity, Glanbia Ireland, it was announced today (February 22). Glanbia Ireland would be 60% owned by Glanbia Co-op and 40% by Glanbia, the firms said.

Glanbia Ireland would build on the “successful partnership”​ of Glanbia and Glanbia Co-op, after the two manufacturers created Glanbia Ingredients Ireland in 2012, Glanbia said. Between €250M (£210M) and €300M (£252M) would be invested in Glanbia Ireland by 2020.

Glanbia group md Siobhan Talbot said: “The creation of Glanbia Ireland makes strategic sense for the shareholders of both Glanbia Co-op and Glanbia.It brings together in a single structure the ownership, operations and objectives of Glanbia’s Irish dairy and agri-businesses.

“With €1.5bn ​[£1.26bn] of annual revenue and a 2.4bn litre milk pool, it will be a large scale, efficient business with a high quality supply chain and the strength and diversity to face the future with confidence.”

‘Exciting start’

The nutrition firm had an “exciting start”​ to 2017, Talbot said. She also revealed the firm was in advanced talks to form a new joint venture in the US.

“It has been an exciting start to 2017 with a number of key strategic initiatives progressing which will shape the future direction of the group.

“In addition, Glanbia is also in advanced discussions to form a new joint venture in the US, to build a large scale cheese and whey facility. All of these initiatives demonstrate a desire to play to our strategic strengths and are aligned to our vision to be one of the world’s top performing nutrition companies.”

Meanwhile, Glanbia has acquired plant-based nutrition company Amazing Grass and performance nutrition firm Body & Fit for a combined £156M​, since the beginning of 2017.

Related topics Dairy

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