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LONDON (Alliance News) - Irish food and nutrition firm Glanbia PLC hiked its interim dividend Thursday whilst profit fell as revenue was held back by currency headwinds.
For the six months ended June, pretax profit declined 18% to EUR112.4 million from EUR137.0 million the year prior. This was after revenue fell 6.2% to EUR1.11 billion from EUR1.19 billion the year before.
Revenue performance was hurt by currency headwinds. On a constant-currency basis, revenue grew 3.6%. Profit was also held back by new investments during the period.
Glanbia proposed a 9.71 euro cent interim dividend, up 64% from 5.91 cents the year prior. This was in line with its revised 2018 dividend policy in which it targets a 25% and 35% payout of adjusted earnings per share.
"Glanbia delivered in line with expectations in the first half of 2018 and reiterates guidance for 2018 full year earnings growth," Glanbia Managing Director Siobhan Talbot said.
"We continue to drive volume momentum with 5.7% growth in the first half and reiterate guidance for full year volume growth in the key portfolios of Glanbia Performance Nutrition and Glanbia Nutritional Solutions in the mid-to-high single digit range," Talbot added.
Performance Nutrition generated volume growth of 5.4% with reported revenue down 4.4% but up 4.9% in constant currency. Nutritional Solutions reported 5.9% volume growth with revenue down 7.8% on a reported basis and up 2.4% in constant currency.
"We expect margins for the full year to be similar to 2017," Talbot added, "we prioritised investment in our brands and operational infrastructure in the first half in advance of input cost reductions which are materialising as expected in the second half of the year."
Shares in Glanbia were 4.3% lower at EUR14.58 on Thursday.