Glanbia sees only 'limited disruption' from Covid-19 crisis so far; shares rise 2%

Glanbia sees only 'limited disruption' from Covid-19 crisis so far; shares rise 2%
Glanbia sees only 'limited disruption' from Covid-19 crisis so far; shares rise 2%
Glanbia said it posted a 17% increase in revenues for its Glanbia Performance Nutrition and Glanbia Nutritionals divisions

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Unsurprisingly, the company said it had withdrawn its previous earnings guidance for the year amid the pandemic crisis.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.

more articles

Leo Varadkar still has ‘some’ texts from pandemic period Leo Varadkar still has ‘some’ texts from pandemic period
Taoiseach visit to the US Leo Varadkar still has ‘some’ texts from covid pandemic period
Nolan says lessons need to be learned from Covid inquiry Nolan says lessons need to be learned from Covid inquiry

More in this section

FILE PHOTO The Competition and Consumer Protection Commission has cleared the purchase of Goodbody Stockbrokers by AIB END Goodbody Stockbrokers fined over €1.2m by Central Bank over rules breaches
Nottingham City Centre Stock Irish staff at the Body Shop wait for wages as retailer shuts stores in the Republic
Ryanair comments on Norwegian Ryanair boss O'Leary's spat with Transport Minister over Dublin Airport escalates
IE logo
Devices


UNLIMITED ACCESS TO THE IRISH EXAMINER FOR TEAMS AND ORGANISATIONS
FIND OUT MORE

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
ie logo
Puzzles Logo

Play digital puzzles like crosswords, sudoku and a variety of word games including the popular Word Wheel

Lunchtime News
Newsletter

Keep up with the stories of the day with our lunchtime news wrap.

Sign up
Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited