The group is open to new acquisition oppertunities...
The global nutrition and food ingredients group Glanbia has announced a more than 10% increase in operating profits to €271m - its sixth consecutive year of double-digit earnings growth.
Earnings and revenue growth were significantly higher on a non-constant currency basis due to the translation effect of the strong dollar on euro earnings during 2015.
Total group revenues including Glanbia’s share of joint venture and associate companies actually fell by more than 7% during the year to €3.7bn on a constant currency basis, reflecting a challenging year in the group’s cheese and dairy-based global ingredients business and some joint venture disposals.
But the group’s principal performance nutrition divisions, the production of sports performance and health nutrition snacks, bars and drinks, where it acquired the high profile Californian business – Think Thin – in December, saw very strong earnings growth of close to 30% during the year.
Glanbia is guiding earnings growth of up to 10% again in the current year. A short time ago, Group Finance Director, Mark Garvey spoke to Newstalk about how much of that growth might be based on further acquisition.
He says that the projected growth for the group was linked to its current assets, but Glanbia has access to €300m for future acquisitions. While it has no existing plans, Mr Garvey says that Glanbia is open to acquisition opportunities.