1st Mar 2023 11:01
(Alliance News) - Glanbia PLC on Wednesday reported a higher profit as revenue was helped by a "strong performance" of its Optimum Nutrition brand.
The Kilkenny, Ireland-based nutrition company said pretax profit grew 43% to EUR225.3 million in 2022 from EUR158.0 million in 2021. Revenue climbed 34% to EUR5.64 billion from EUR4.20 billion.
Glanbia said it was boosted by its Optimum Nutrition brand, which saw US consumption growth of 31% in 2022. The brand is part of Glanbia's Performance Nutrition division, where like-for-like revenue rose 15%. This was driven by a 17% increase in prices, making up for a 2.1% decline in volume.
Glanbia declared a 2022 dividend of 32.21 euro cents, up 10% from 29.28 a year ago. It also announced a EUR50 million buyback programme.
Looking ahead, the company said it is confident its financial ambition. "The group's strong performance in 2022, despite the challenging global environment, highlights the strength of its consumer focused better nutrition portfolio, which is expected to drive growth in 2023 and beyond," it said.
Glanbia expects adjusted earnings per share growth of 5% to 10% in constant currency during 2023, which it said will be weighted to the second half of the year. This compares to an adjusted EPS growth in constant currency of 6.4% for 2022.
Glanbia shares were 6.9% higher at EUR12.53 each on Wednesday.
By Tom Budszus, Alliance News reporter
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