Business

Glanbia reports 20% drop in profit for 2020

Irish food group Glanbia has reported a 20 per cent drop in profit after tax as the sale of its performance nutrition products was hindered by the Covid-19 pandemic.

The company published its full-year results for last year which revealed profit after tax fell to €143.8 million.

Glanbia’s performance nutrition unit, which sells protein powders to gym-goers and dieters, was impacted by Covid-19 restrictions.

Restrictions caused “significant disruption to international markets and the North American specialty and distributor channels”.

Glanbia has predicted a positive 2021 provided restrictions are eventually eased, while acknowledging “the duration and impact of the pandemic remains volatile”.

The Kilkenny-based group said headline revenue declined by 1.4 per cent to €3.8 billion in 2020. They said this was a strong performance when pandemic challenges were considered.

Glanbia said its board is recommending a final dividend of 15.94 cent per share which brings the total dividend for the year to 26.62 cent per share, this will bring figures in line with 2019.

Overall, Glanbia’s net debt reduced by €120 million to €494 million.

Glanbia managing director Siobhan Talbot said: “We anticipate that 2021 will see consumers continue to focus on health and wellbeing: prioritising functional nutrition including immunity enhancing products; maintaining a healthy weight; and supplementing protein-rich foods to support performance and healthy lifestyle goals.

“This positions Glanbia very well for the future given our core focus on nutrition, health and wellbeing.”

Source:

www.breakingnews.ie

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