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Glanbia (GLB)

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Glanbia improves FY profit, proposes creation of Glanbia Ireland JV

22 Feb 17

LONDON (ShareCast) - (ShareCast News) - Nutrional ingredients maker Glanbia has booked an improved full-year pre-tax profit and proposed the creation of a strategic joint-venture to be known as Glanbia Ireland.
"Glanbia had a strong group-wide performance in 2016, delivering our seventh year of double-digit earnings growth coupled with strong cash conversion," said group managing director Siobhan Talbot.

"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," she said in a statement.

The company posted a full-year pre-tax profit of €252.8m, from €218.7m. Revenue was €2.85bn, from €2.77bn. It recommended a final dividend of 7.94 cents a share, taking the total to 13.31 cents, up 10%.

Meantime, Glanbia and Glanbia Co-operative Society Ltd (hereafter, Glanbia Co-op) have signed a non-binding memorandum of understanding for the proposed sale of a 60% interest in Glanbia's Dairy Ireland segment to Glanbia Co-op.

Dairy Ireland is 100% owned by Glanbia and comprised two business units, Glanbia Consumer Foods Ireland and Glanbia Agribusiness.

Glanbia and Glanbia Co-op intended to form a new strategic joint venture known as Glanbia Ireland, which would encompass Glanbia Ingredients Ireland, Glanbia Consumer Foods Ireland and Glanbia Agribusiness.

The JV would be 60% owned by Glanbia Co-op and 40% owned by Glanbia.

At completion, Glanbia Co-op would pay Glanbia €112m for a 60% equity interest in Dairy Ireland. Glanbia Ireland would acquire 100% of the working capital in Dairy Ireland at completion financed by banking facilities.

"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," said Talbot.

At 10:45 GMT, shares in Glanbia were up 1.61% to 17.63p each.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.


Market Data

Currency Euro
Price  11.26
Change Today  0.20
52 Week High  18.98
52 Week Low  9.78
Volume 17,391
Shares Issued 296.05m
Market Cap  3,333.47m


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