6th Nov 2024 16:08
(Alliance News) - Glanbia PLC announced on Wednesday said its performance so far in 2024 has been in line with expectations, and it backed guidance.
In the nine months to September 30, the Kilkenny, Ireland-based sports nutrition company said revenue grew 6.0% at constant currency. Gambia said its performance throughout the period was in line with its expectations.
The company reiterated its guidance for the whole of the year, it expects adjusted earnings per share growth of 5% to 8%. In 2023, its adjusted EPS rose 21% to 131.37 euro cents.
Chief Executive Officer Hugh McGuire said: "Glanbia continued to deliver good momentum during the third quarter, driven by revenue growth across our portfolio. We are also announcing an additional EUR50 million share buyback authorisation which reflects our strong cash flows and balance sheet position further increasing our returns to shareholders."
This buyback is to begin "in early 2025".
In addition, Glanbia said that as part of its portfolio evolution, it is separating its Glanbia Nutritionals business into two new segments. They will be Health & Nutrition and Dairy Nutrition.
It added: "The Health & Nutrition segment will primarily incorporate the premix solutions and flavours platforms with the Dairy Nutrition segment focusing on cheese and dairy ingredients and will comprise the portfolios of protein solutions (currently in NS) and US Cheese as well as being the commercial partner for the group's joint venture MWC-Southwest Holdings LLC. The new structure is designed to further streamline the business, increase focus on end use markets and to provide greater insight into Glanbia's value drivers and growth opportunities. The group expects the new operating model to be implemented during FY 2025 and further details will be provided in early 2025."
Shares in Glanbia dropped 5.7% to EUR14.48 in London on Wednesday afternoon.
By Eva Castanedo, Alliance News reporter
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