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(Alliance News) - Glanbia PLC said on Wednesday its financial results in the first half of 2022 had "exceeded [its] plans" as the company upped profit and revenue.
In the six months ended June 30, the Kilkenny, Ireland-based nutrition company reported a pretax profit of EUR144.1 million, up 76% from EUR81.9 million the previous year.
Revenue jumped to EUR2.83 billion from EUR2.04 billion. This came as a result of a strong operating performance from its Glanbia Performance Nutrition brand and its Nutritional Solutions division, the company explained.
"Revenues grew strongly with significant pricing initiatives and volume growth in all business segments in the period... We continue to make progress on our strategic agenda and with the completion of the sale of the company's minority interest in Glanbia Ireland, Glanbia PLC continues to evolve as a focused, purpose led global nutrition company," said Group Managing Director Siobhan Talbot.
Glanbia declared an interim dividend of EUR0.1293 per share, up from EUR0.1175 the previous year. The company added its overall dividend policy targeting a payout ratio between 25% and 35% of adjusted earnings per share remained unchanged.
As a result of its strong performance, Glanbia upgraded its full-year guidance. Growth for adjusted earnings per share are now expected between 9% and 13%. In this half, growth stood at 7.1%.
Shares in Glanbia were down 1.5% at EUR12.05 in London on Wednesday morning.
By Heather Rydings; heatherrydings@alliancenews.com
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