Glanbia launches 50m share buyback after ‘strong’ H1 performance [Video]

Glanbia has commenced a €50m share buyback programme after a “strong performance in the first half of the year”.

The nutrition group reported profit after tax of €143.3m, down from €193.4m in H1 last year, while revenue also dipped 1.2% from €1,836.8m to €1,815.6m.

However, group EBITDA increased 12.8% from $232.2m to $261.6m, and adjusted earnings per share rose 12.4% on a constant currency basis from $60.78 to $68.20.

Glanbia’s performance nutrition (GPN) and nutritional solution (GN NS) businesses both experienced volume growth of 3.1%, but pricing across both divisions fell 3.9%.

As a result, like-for-like revenues in both GPN and GN NS declined by 0.8% to $882.1m and $933.5m, respectively.

Optimum Nutrition delivered like-for-like revenue growth of 7.7% as sales volumes increased 11.8% and prices fell 4.1%, and the sports nutrition brand now accounts for two-thirds (65%) of GPN’s revenue.

Glanbia said the brand has strong growth momentum supported by increased marketing …