The update is based on preliminary results for the first half 2021, which Glanbia will publish in full on August 12, 2021.
The company said H1 2021 wholly-owned revenues were up 20% on a constant currency basis (up 11% reported) compared to the prior year due to very strong demand, in the second quarter in particular, across both Glanbia Performance Nutrition (GPN) and Glanbia Nutritionals (GN) and Nutritional Solutions (NS).
GPN and GN NS both delivered strong EBITA margins in H1 2021 due to positive operating leverage, mix and realization of benefits from the GPN transformation program.
Glanbia said its Joint Ventures delivered a performance in line with the prior year.
Its half year 2021 adjusted earnings per share (EPS) of approximately 52 cent, versus the previous year, is up 82% on a constant currency basis (up 68% reported).
Previously Glanbia guided full year 2021 adjusted EPS growth to be in the upper end of 6% to 12% on a constant currency basis versus prior year. As a result of the strong performance in H1 2021, Glanbia said it has raised its expectations for the year. Glanbia now expects to deliver full year 2021 adjusted EPS growth of 17% to 22% on a constant currency basis versus the prior year.
While the company remains vigilant to the continued volatile and disruptive potential of the Covid-19 pandemic, strategic actions have enabled a strong recovery in the first half of 2021 from the comparative challenges of 2020.
Glanbia said its strong first half performance positions it well to navigate expected cost inflation headwinds in the second half, while also providing the opportunity to increase investment behind brand marketing and NS capabilities, to drive long-term sustainable growth.