Glanbia delivers ‘excellent performance’ in 2023
Glanbia's 2023 financial report reveals a 20.5% surge in adjusted EPS to 131.37c driven by strong demand in Optimum Nutrition
Print1 March 2024
Glanbia has delivered an ‘excellent performance’ in 2023, with adjusted EPS growing by 20.5% to 131.37c, its full year financial results show.
In a statement, the company noted that this was driven by strong global consumer demand, with Optimum Nutrition continuing its growth momentum, delivering volume and price growth in the period.
Nutritional Solutions
According to Glanbia, in its Nutritional Solutions business, overall volume trends continued to improve through the year, with a sequential improvement in volume growth in the fourth quarter.
The groups strong operational and financial performance continued to generate ‘excellent’ cash flow, with 90.4% cash conversion in the year.
Other highlights
Glanbia highlighted that it continued to evolve its portfolio with the acquisition of a bioactive ingredients business and the sale of its share of Glanbia Cheese joint ventures.
Commenting on the results Hugh McGuire, chief executive officer, said: “Glanbia is a company with very strong fundamentals – a clear strategy, a portfolio of great brands and ingredients playing into strong underlying consumer health and wellness trends with a team of talented people.”
Looking ahead
Looking ahead, the company noted that it will focus on driving growth and shareholder value by stepping up awareness and distribution of its great brands, with a ‘robust innovation pipeline across both its growth platforms’.
“In 2024, we expect adjusted EPS growth of 5% to 8% constant currency, which will be driven by a strong operating performance across both GPN and GN NS,” McGuire concluded.
Glanbia increased the groups dividend by 10% and returned €100 million to shareholders via its share buyback programme.
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