Glanbia has reported 12% growth in adjusted earnings per share, and set a constant currency annual organic earnings growth target to 2018 of 8% to 10%.
On a constant currency basis, total group revenue grew 10.5%, total group EBITA grew by 9.2% and adjusted earnings per share grew 11.9%. On a reported basis total group revenue increased 8.0%; EBITA increased by 5.6%; and adjusted earnings per share grew by 8.0%;
Results were, said Glanbia, underpinned by a strong performance by Global Performance Nutrition as over 20% branded revenue growth drove a 100 basis point margin expansion and an EBITA increase of 27.9% on a constant currency basis.
Global Ingredients delivered a good performance, Glanbia said: on a constant currency basis, revenues increased 11.5% and EBITA increased 8.1% while margins were down by 30 basis points.
Dairy Ireland's results declined significantly due to the performance of Consumer Products while Joint Ventures & Associates delivered a positive performance overall.
"Glanbia had another year of double digit earnings growth in 2013 as the Group delivered a 12% increase in adjusted earnings per share,” said Siobhán Talbot, group managing director. “Our two global growth platforms performed well, particularly Global Performance Nutrition where strong momentum in branded revenue growth and international expansion delivered a 28% increase in profitability, on a constant currency basis. We expect 2014 to be another positive year for the Group. We will benefit from our ongoing organic investment programme, good prospects for Global Ingredients and Global Performance Nutrition and an expected improvement in Dairy Ireland. We are guiding 8% to 10% growth in adjusted earnings per share for the full year 2014, on a constant currency basis. Our ambition is to continue to deliver a similar annual organic growth rate through to 2018, while seeking to sustain a return on capital employed in excess of 12%."
