Glanbia has published its financial results for the six month period ended 29 June 2019. Adjusted earnings per share were 36.69 cent, a decline of 10.8% constant currency (down 5.5% reported).

Glanbia Performance Nutrition EBITA declined by 30.2%, constant currency (down 25.9% reported). Wholly owned revenues of €1,758.4 million (2018: €1,477.8 million) were up 12.0% constant currency on prior half year (up 19.0% reported).

Wholly owned revenue was driven by volume growth of 1.6%, but a price decline of 0.2% and acquisitions of 10.6% constant currency, versus the prior half year. Glanbia Performance Nutrition revenue growth of 13.4% constant currency (up 19.3% reported) was driven by the SlimFast acquisition;

Nutritional Solutions saw revenue growth of 27.0% constant currency (up 34.6% reported), driven by strong volume growth and the Watson acquisition. US Cheese experienced revenue growth of 4.9% constant currency (up 12.4% reported).

Glanbia revised its full year 2019 outlook guidance of adjusted earnings per share down to 88 cent to 92 cent range assuming foreign exchange rates remain at current levels.

Siobhán Talbot, Group Managing Director, said: “Glanbia grew wholly owned revenues by 12.0%, on a constant currency basis, in the first half of 2019. Adjusted earnings per share declined in the period by 10.8% on a constant currency basis. Our Nutritional Solutions, US Cheese and Joint Venture businesses had good results in the period. The recent acquisitions of SlimFast and Watson are performing very well. Glanbia Performance Nutrition had a disappointing first half reflecting a number of factors including, business seasonality, consumer channel shift in Europe and difficult global trade dynamics in key international markets. Overall while we have positive momentum across many parts of the Group, this has increased our caution for the remainder of the year. For full year 2019 Glanbia now expects to deliver adjusted earnings per share on a reported basis of between 88 cent to 92 cent assuming foreign exchange rates remain at current levels.”