Glanbia's stong 2016 and Co-op plans

The Irish group continues to grow...

Glanbia, the Kilkenny-based global nutrition and dairy group, has announced strong 2016 financial results.

EBITD or operating profits from wholly-owned Glanbia businesses grew by 12.5% last year to €305m on global sales that rose by just under 3%, on a constant currency basis, to more than €2.8bn.

Optimum Nutrition - a Glanbia brand

Glanbia Performance Nutrition EBITA rose to €162.6m, a 20% increase on 2015.

Earnings per share were up 11.2%, just below €0.88.

The group has also announced this morning that it intends to incorporate all its Irish interests into a new joint venture with Glanbia Co-op, called Glanbia Ireland

The proposed new venture will be 60% owned by the co-op and 40% by the plc.

It will incorporate the existing Glanbia Ingredients Ireland joint venture between the two partners and add in Glanbia Plc’s existing agri-business interests and its Irish consumer foods division including leading brands such as Avonmore, Premier Milk and Kilmeaden Cheese.

Commenting today Siobhán Talbot, Group Managing Director, said: "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. 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."