Earnings before interest, taxes and amortisation (EBITA) was up 12.5% to €305M (£256M), Glanbia reported. Adjusted earnings per share increased 11.2% to €0.877 (74p).
Glanbia also revealed it would sell 60% of its Dairy Ireland business to Glanbia Co-op for €112M (£94M), in the financial report.
Dairy Ireland – supplier of branded dairy products and animal feed – would be incorporated into a new entity, Glanbia Ireland, it was announced today (February 22). Glanbia Ireland would be 60% owned by Glanbia Co-op and 40% by Glanbia, the firms said.
Glanbia Ireland would build on the “successful partnership” of Glanbia and Glanbia Co-op, after the two manufacturers created Glanbia Ingredients Ireland in 2012, Glanbia said. Between €250M (£210M) and €300M (£252M) would be invested in Glanbia Ireland by 2020.
Glanbia group md Siobhan Talbot said: “The creation of Glanbia Ireland makes strategic sense for the shareholders of both Glanbia Co-op and Glanbia. It brings together in a single structure the ownership, operations and objectives of Glanbia’s Irish dairy and agri-businesses.
“With €1.5bn [£1.26bn] of annual revenue and a 2.4bn litre milk pool, it will be a large scale, efficient business with a high quality supply chain and the strength and diversity to face the future with confidence.”
The nutrition firm had an “exciting start” to 2017, Talbot said. She also revealed the firm was in advanced talks to form a new joint venture in the US.
“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.
“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.”
Meanwhile, Glanbia has acquired plant-based nutrition company Amazing Grass and performance nutrition firm Body & Fit for a combined £156M, since the beginning of 2017.