'Disappointing first half' of year forces Glanbia to revise 2019 outlook downwards

'Disappointing first half' of year forces Glanbia to revise 2019 outlook downwards

Glanbia has published its financial results which have signalled a 'disappointing first half' of the year.

Its results for the first six months of the year up to June 29, 2019, show that wholly-owned revenues went up by 12% to €1,758.4m on a constant currency basis while earnings before interest, taxes, depreciation, and amortisation (EBITA) fell 30.2%.

The global nutrition group has revised downwards its prediction for its full-year adjusted earnings per share to between 88 cent and 92 cent range, below average forecasts of around 98.5c.

The first half of the year saw its adjusted earnings per share at 36.69 cent, a decline of 10.8% at constant currency

Siobhán Talbot, Group Managing Director, said: "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.”

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