Glanbia has reported lower revenue and profits for the first half of the year.
Revenue dropped by 1.1% compared to the first six month of last year on a constant currency basis to $1.82 billion.
The global nutrition group reported profit after tax of $143.3 million, down from $193.4 million the same time last year, although this includes non-recurring items.
However, earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 12.8% and adjusted earnings per share were up 12.4%, driven by volume growth of 3.1% across both Better Nutrition growth platforms.
The company announced last year that it was switching its reporting currency to US dollars from euro.
"Optimum Nutrition, our flagship global brand, continues to strengthen its leadership position and delivered double-digit volume growth in the period, supported by increased marketing investment," said Hugh McGuire, Chief Executive Officer.
The company said earnings growth was driven by a strong performance in the Glanbia Performance Nutrition division, with volume growth, earnings and margin reflecting strong consumer demand.
It said Nutritional Solutions's first half performance was on track, led by good customer demand for premix and protein solutions.
"Our strong operational and financial performance continues to support our capital allocation framework, with the interim dividend increased by 10% and €50 million returned to shareholders via share buybacks," Mr McGuire said.
Glanbia announced today that it is launching a further €50 million share buyback programme.
The company's net debt at 29 June 2024 was $645.4 million, which represents an increase of $194.6 million driven largely by the acquisition of Flavor Producers which closed in the second quarter of 2024.
At the end of the period the group had committed debt facilities of $1.3 billion.
Glanbia's total investment in capital expenditure was $44.9 million in the first half, up from $36.8 million the same time last year.
Looking ahead, the company said it continues to focus on driving growth across its portfolio of brands and ingredients.
"The category trends remain positive, and with the continued consumer and customer demand for our Better Nutrition brands and ingredients we will see a sequential improvement in volumes across GPN and NS in the second half of the year," Mr McGuire said.
The company reiterated its full year guidance of 5% to 8% growth in adjusted EPS.
