Following on from a very upbeat quarter one management statement in May 2022 at the same time as the annual general meeting, Glanbia plc announced further improved half-year results on Wednesday.

Since that positive outlook announcement in May, Glanbia’s share price continued to drop and went as low as €10.14/share in late June. Through July and August it has gradually started to lift back to where it was at that quarter one announcement in May, closer to €12/share. The overall ISEQ index has also lifted through this summer period.

Glanbia management will be hoping the positive outlook for the rest of 2022 will further improve share price.

Glanbia group managing director Siobhán Talbot said: “I am pleased to report that half-year 2022 results have exceeded our plans, demonstrating the impact of a series of actions implemented since the latter part of last year in response to unprecedented inflation.

“Revenues grew strongly, with significant pricing initiatives and volume growth in all business segments in the period.

“Adjusted earnings per share (EPS) at 52.31c reflected improving momentum across the group, building on a strong 2021 comparator.

“We continue to make progress on our strategic agenda and with the completion of the sale of the company’s minority interest in Glanbia Ireland, Glanbia plc continues to evolve as a focused, purpose-led global nutrition company. ”

We will continue to monitor inflationary trends into the second half of the year but are confident that further pricing action and operational efficiencies will deliver improving margins and strong year-on-year earnings (EBITA) growth.

Current expectations for improved EBITA growth in performance nutrition underpin the upgrade in full year guidance for the Group, with growth in adjusted EPS now expected to be 9% to 13%, constant currency. Based on current foreign exchange rates, the reported adjusted EPS growth is expected to be 21% to 25%.”

More analysis to follow in print and online.