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Glanbia PLC on Wednesday raised its dividend and launched a fresh share buyback despite a drop in first-half profit. In the six months to June 29, the London-based sports nutrition company said pretax profit fell 21% to $169.7 million from $214.0 million a year prior. Revenue slipped 1.1% to $1.82 billion from $1.84 billion. Volume rose 1.8%, but pricing fell 4.0%, while acquisitions provided a 1.1% boost, Glanbia said. Adjusted earnings per share rose 12% to 68.20 US cents from 60.78 cents a year ago. Glanbia reaffirmed full-year guidance of adjusted EPS growth of 5% to 8%. The firm raised the interim dividend by 10% to 15.64 cents per share from 14.22 cents. Glanbia also signalled the start of the remaining €50 million share buyback, part of the €100 million plan announced in February. The first part of the buyback was completed in June. The second tranche will be managed by Davy stockbrokers and will run until December 19. Shares in Glanbia rose 3.8% to €17.58 in London on Wednesday morning. Copyright 2024 Alliance News Ltd. All Rights reserved.
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