Food
By Andrew Schonberg
Date: Wednesday 22 Feb 2017
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.
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Currency | Euro |
Share Price | 17.65 |
Change Today | 0.00 |
% Change | 0.00 % |
52 Week High | 18.4 |
52 Week Low | 13.0 |
Volume | 3,640 |
Shares Issued | 263.24m |
Market Cap | 4,646.10m |
RiskGrade | 168 |
Value |
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Price Trend |
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Income |
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Growth |
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Strong Buy | 2 |
Buy | 6 |
Neutral | 2 |
Sell | 0 |
Strong Sell | 0 |
Total | 10 |
Latest | Previous | |
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Final | Interim | |
Ex-Div | 21-Mar-24 | 24-Aug-23 |
Paid | 03-May-24 | 06-Oct-23 |
Amount | 21.21¢ | 14.22¢ |
Time | Volume / Share Price |
17:13 | 90 @ 18.06 |
17:13 | 1,546 @ 17.97 |
16:27 | 13 @ 18.05 |
16:27 | 1 @ 18.05 |
16:27 | 88 @ 18.05 |
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