Glanbia chief: 'No rumblings' of shareholder activism as food giant seeks return to growth

Earnings have slid by over 22% to €209.6m on total revenues of €3.82bn

Siobhán Talbot, group managing director, Glanbia Group. Picture: Dylan Vaughan

The head of Glanbia said it is "laser-focused" on getting back to growth after the huge disruptions of a Covid-hit 2020, but that it faces "no rumblings" of shareholder activist disconnect that has affected other large food companies. 

Group managing director Siobhán Talbot said it has continued to focus on potential deal-making as it seeks to give its full attention to a strategy of growing its divisions, including Glanbia Performance Nutrition (GPN), which includes SlimFast and Optimum Nutrition (ON).

Her comments came after Glanbia posted earnings that had slid by over 22% to €209.6m on total revenues that were little changed at €3.82bn, in the Covid-disrupted year. 

Its Glanbia Nutrionionals division, and in particular, the GPN division, were badly hit in the early part of the crisis as small retailers were closed in North America and in Britain, before recovering some ground as the year went on. 

SlimFast was bought in late 2018 and in the first full year of ownership, in 2019, accounted for $325m (€267.3m) in revenues, although the company no longer breaks out its specific performance. 

The SlimFast and Optimum Nutrition brands accounted for 70% of the division's €1.1bn in revenues. 

At €10.27, Glanbia shares rose 2.5% in the latest session and are now little changed from a year ago, just before the onset of the crisis. 

However, the shares have fallen sharply from a peak of €18.65 in recent years. 

Glanbia Co-op Society owns over 31% of the listed-group, which is valued at €2.97bn. The Co-op is further reducing the number of representatives it will appoint to a slimmed-down Glanbia Group board in the coming years.        

Other food firms, including Kerry Group and Danone, have in recent times come under the attention, to varying degrees, of shareholder activists. 

There were "no rumblings" of similar shareholder activists for Glanbia, Ms Talbot said.