Glanbia reports improved 2013 results

- Lifts annual profit, strong international nutrition performance- Expects improvement in Dairy Ireland- Predicts earnings growth of 8-10 per cent up to 2018Nutrition and ingredients company Glanbia posted a healthy increase in annual pre-tax profit underpinned by strong demand at its Global Performance Nutrition division.The Irish cheese maker said pre-tax profit rose to €176m from €150.2m in the year to January 4th while adjusted earnings per share in constant currency rose 12%. Total group revenue grew 10.5% to €3.28bn while on a reported basis revenue increased 8.0%."Results were underpinned by a strong performance by Global Performance Nutrition as over 20% branded revenue growth drove a 100 basis point margin expansion and an earnings before interest, taxes and amortisation (EBITA) increased of 27.9% on a constant currency basis," the group explained.Revenues at Global Ingredients increased 11.5% while EBITA increased 8.1%.Elsewhere Dairy Ireland's results declined significantly due to the performance of Consumer Products, it said. Group Managing Director Siobhán Talbot commented: "Glanbia had another year of double digit earnings growth in 2013. Our two global growth platforms performed well, particularly Global Performance Nutrition where strong momentum in branded revenue growth and international expansion delivered a 28% increase in profitability, on a constant currency basis. "We expect 2014 to be another positive year. We will benefit from our ongoing organic investment programme, good prospects for Global Ingredients and Global Performance Nutrition and an expected improvement in Dairy Ireland. We are guiding 8% to 10% growth in adjusted earnings per share for the full year 2014, on a constant currency basis."Glanbia is offering a 10% increase in its dividend payment.CJ