(Alliance News) - Glanbia PLC on Thursday raised its annual outlook following a strong first half, as it attempts to shrug off the disruptive potential of the Covid-19 pandemic.
The Kilkenny, Ireland-based food and nutrition group said it had delivered a strong performance ahead of expectations in the first half ended July 3.
Wholly-owned revenue at Glanbia for the first half was up 11% compared to a year prior, driven by "very strong demand" across both its Performance Nutrition and Nutritional Solutions divisions. On a constant currency basis, revenue was up 20%.
For the six-month period, Glanbia's adjusted earnings per share was around 52 cents, up 82% compared to a year prior at constant exchange rates and up 68% at actual rates.
As a result, full year adjusted earnings per share growth is now expected at between 17% and 22% on a constant currency basis versus the prior year. The forecast was raised from previous expectations at the upper end of 6% to 12% on a constant currency basis .
"While the group remains vigilant to the continued volatile and disruptive potential of the Covid-19 pandemic, strategic actions have enabled a strong recovery in the first half of 2021 from the comparative challenges of 2020," the company said in a statement.
Glanbia added: "The strong first half performance positions the group well to navigate expected cost inflation headwinds in the second half while also providing the opportunity to increase investment behind brand marketing and nutritional solutions capabilities, to drive long term sustainable growth."
Shares were up 3.1% at EUR14.72 in London on Thursday morning.
Glanbia will publish its interim results on August 12.
By Will Paige; willpaige@alliancenews.com
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Glanbia (GLB)