Total revenue for Glanbia in the first six months of 2017 was €2.047bn ($2.397bn), compared to €1.837bn ($2.151bn) in the first half of 2016.
EBITA was €192.8m ($225.8m), while the net debt to adjusted EBITDA ratio was 1.63, compared to 1.83 in the previous first half.
Dairy Ireland results
As a result of the sale of 60% of Dairy Ireland and related assets, completed on July 2, 2017, the results of Dairy Ireland and related assets have been classified as discontinued operations for the first half results, with prior year comparatives amended accordingly.
The company said adjusted earnings per share (EPS) on a pro forma basis has been calculated to set out the EPS on the basis that the Dairy Ireland transaction had taken place on January 1, 2016 reflecting the revised structure of the Glanbia Group following the sale of Dairy Ireland.
The company said good performance in the first half was driven by Glanbia Nutritionals.
Glanbia Performance Nutrition delivered reported revenue growth of 7.6% (5.4% constant currency) and reported EBITA growth of 3.1% (0.2% constant currency), while Glanbia Nutritionals delivered reported revenue growth of 12.2% (9% constant currency) and reported EBITA growth of 11.6% (8.1% constant currency).
Joint Ventures and Associates delivered revenue and EBITA growth of 23.1% (23.2% constant currency) and 84.8% (83.8% constant currency) respectively.
Glanbia’s total investment in capital expenditure was €33.3m ($39m) in the first half of 2017, of which €19.1m ($22.4m) was strategic investment.
The key strategic project completed in the period was a new innovation center in Illinois, US.
Glanbia also completed two acquisitions in the period, Grass Advantage LLC (Amazing Grass) a plant-based nutrition brand in the US, and B&F Vastgoed B.V. (Body & Fit) in the Netherlands, a direct to consumer (DTC) online branded business focused on performance nutrition.
The combined cost of both businesses was approximately €168m ($196.7m).
Siobhán Talbot, group managing director, said Glanbia Nutritionals and Joint Ventures were the main drivers of growth in the first half and the company believes second half earnings progression will also be driven by Glanbia Performance Nutrition, where good organic growth is expected for the remainder of the year.
“Overall, we reiterate guidance for the full year of pro-forma adjusted Earnings Per Share growth of 7% to 10% on a constant currency basis,” Talbot said.