Glanbia sees only 'limited disruption' from Covid-19 crisis so far; shares rise 2%
Shares in international food firm Glanbia rose almost 2% after it reported only “limited disruption” so far from the fallout of the pandemic as it plans to go ahead with a previously announced dividend payout.
Before the crisis, the multinational firm had experienced a difficult 2019 at some of its divisions despite a good performance of its recent acquisitions.
Its shares have plunged 45% in the past year to value the company at €2.67bn.
Unsurprisingly, the company said it had withdrawn its previous earnings guidance for the year amid the pandemic crisis.
It nonetheless hailed “the exceptional performance of Glanbia employees and supply chain partners” for it having experienced only “limited disruption” to its international operations as lockdowns were imposed across the world.
It said it posted a 17% increase in revenues for its Glanbia Performance Nutrition and Glanbia Nutritionals divisions and said it had “no debt due for renewal in the next 12 months” with a net debt standing at €690m, down from €119.5m a year earlier.
“Our nutritious products and ingredients are essential for our consumers and to date all of our plants have largely operated to plan and maintained supply,” said chief executive Siobhán Talbot.
“As an essential service, the food industry has a critical role to play and we are very focused on continuing to serve our consumers, customers, and communities through this global crisis,” she said.
The company said online sales of its Glanbia Performance Nutrition division “has helped to mitigate challenges in other channels”.
Shares in international food firm Glanbia rose almost 2% after it reported only “limited disruption” so far from the fallout of the pandemic as it plans to go ahead with a previously announced dividend payout.