Glanbia has announced its results for 2016. Adjusted earnings per share were 87.66 cents, up 11.2% on prior year, constant currency (up 10.8% reported). EBITA from wholly owned business was €305.1 million, up 12.5%.

Glanbia has announced its results for 2016. Adjusted earnings per share were 87.66 cents, up 11.2% on prior year, constant currency (up 10.8% reported). EBITA from wholly owned business was €305.1 million, up 12.5% on prior year, constant currency (up 12.6% reported). EBITA margins from wholly owned business were 10.7%, up 90 bps on prior year, constant currency and reported.

Glanbia Performance Nutrition EBITA was €162.6 million, a 20% increase on prior year, constant currency (up 19.9% reported); and Glanbia Nutritionals EBITA was €111.8 million, a 4.5% increase on prior year, constant currency (up 4.9% reported).

“I am pleased that Glanbia had a strong Group-wide performance in 2016 delivering our seventh year of double digit earnings growth coupled with strong cash conversion,” said Siobhán Talbot, Group Managing Director. “It has been an exciting start to 2017 with a number of key strategic initiatives progressing which will shape the future direction of the Group.”

“Today Glanbia is announcing that it has signed a non-binding memorandum of understanding for the sale of 60% of the Dairy Ireland segment to Glanbia Co-operative Society Limited. Also as recently announced Glanbia Performance Nutrition has made two acquisitions within the plant based nutrition category and direct to consumer channel further expanding our channel and consumer reach. In addition Glanbia is also in advanced discussions to form a new Joint Venture in the US to build a large scale cheese and whey facility. All of these initiatives demonstrate a desire to play to our strategic strengths and are aligned to our vision to be one of the world’s top performing nutrition companies.”