Glanbia Plc’s First Half Results Exceed Plans; Exercise Guidance Upgrades

(RTTNews) – Glanbia plc (GLB.L) has announced that its first half pre-tax profit rose to 144.1 million euros from 81.9 million euros the previous year. Earnings per share from continuing operations, in cents, were 45.64 versus 24.01.

The Group’s pre-exceptional EBITA amounted to €171.7 million, down 3.5% at constant exchange rates, or up 7.4% as reported. Adjusted earnings per share from continuing operations, in cent, was 52.31 versus 48.84.

Group sales for the first half amounted to 2.8 billion euros, up 26.8% at constant exchange rates, an increase of 38.5% as reported.

The board of directors recommended an interim dividend of 12.93 cents per share, an increase of 10% over the interim dividend the previous year. The interim dividend will be paid on October 7, 2022 to shareholders on the register of members as of August 26, 2022. Glanbia’s overall dividend policy remains unchanged at a target annual dividend payout ratio of between 25% and 35% of EPS adjusted.

Looking ahead, Glanbia said it was now confident to update its full-year guidance for adjusted EPS growth to a range of 9% to 13% at constant currencies. If current exchange rates were to hold for the remainder of 2022, reported Adjusted EPS growth would be in the range of 21% to 25%, the Group noted.

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