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Glanbia PLC on Wednesday on launched the first half of a planned €100 million share buyback in 2024, as it reported a 65% rise in profit last year. The Kilkenny, Ireland-based nutritional products maker said it has commissioned broker J&E Davy to repurchase Glanbia shares from Wednesday through to December 19. The buyback of up to €50 million shares will be carried out under board approval for up to €100 million in buybacks in 2024, the same amount as carried out in 2023. Glanbia also declared a final dividend of 21.2 euro cents, up 10% from 19.28 cents a year before. This resulted in a full-year cash payout of 35.43 cents, up 10% from 32.21 cents. The shareholder returns were on the back of a 65% jump in pretax profit to $392.4 million in 2023 from $237.4 million in 2022. Glanbia switched last year to reporting its financial results in dollars, but it still declares and pays dividends in euros. Revenue declined by 8.7% to $5.43 billion from $5.94 billion, but Glanbia booked $47.8 million in exceptional gains in 2023, compared to $23.1 million in exceptional costs in 2022, helping profit. Adjusted earnings per share were 131.37 US cents, up 20% from 109.57 cents in 2022, and Glanbia on Wednesday guided for 5% to 8% growth in adjusted EPS at constant currency in 2024. Like-for-like branded revenue growth in Glanbia Performance Nutrition was 5.1%, all thanks to price increases, as volume edged down 0.3%. However, in Glanbia Nutritionals revenue on a like-for-like basis was down 12%, with prices down 9.0% and volume down 3.3%. Looking to 2024, Performance Nutrition, the larger of those two divisions, is expected to see 4% to 7% revenue growth at constant currency, while for the Nutritionals division Glanbia guided 3% to 5% growth in volume and didn’t give guidance for revenue. Glanbia shares were up 8.2% to €16.67 in London on Wednesday. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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