IRELAND – Glanbia plc, an Irish global nutrition group, has named former Glanbia Performance Nutrition CEO, Hugh McGuire as the group’s next CEO, taking over from Siobhan Talbot after she retires from the company in January 2024.
According to Glanbia Chair, Donard Gaynor, the CEO appointment was the conclusion of an extensive selection process led by the board’s nomination and governance committee with the support of an executive search firm.
He credited Hugh for the growth and evolution of Glanbia Performance Nutrition which now has an unrelenting focus to become a global leader and a key earnings generator.
“I have known Hugh since I joined the board and I know he is committed to Glanbia’s success and is the ideal leader to take us through to the next phase of our growth and evolution,” he said.
Hugh’s appointment follows an announcement by the Managing Director Siobhan Talbot, that she will retire from her position and the board after 10 years as the Managing Director of the company.
Glanbia first half profits up despite dropping revenue
Meanwhile, the Irish nutrition company has recorded a 36% growth in profit in the first half of 2023 to US$214.0 million from US$157.6 million a year earlier.
The company has attributed the growth to effective cost-cutting. The cost of goods sold fell 3.1% to US$2.47 billion from US$2.55 billion, while administration expenses more than halved to US$44.2 million from US$111.0 million.
Glanbia also reported a 6.0% decline in sale and distribution expenses to US$227.4 million from US$241.9 million.
The company’s revenue however dropped 10% in constant-currency terms to S$2.8bn. However, EBITA increased 6.1% to US$198.6m.
Director Siobhan Talbot highlighted that this was driven by a strong operating performance, continued demand for the company’s better nutrition brands and ingredients, and the exceptional commitment of the people.
“First half performance was in line with expectations, as customer supply chain rebalancing trends reduced volumes, with progressive improvements in demand trends as the period progressed which we expect to continue into the second half of the year,” she noted.
Glanbia upped its interim dividend by 10% to 14.22 euro cents each to shareholders, while also returning US$5.43 million over the half-year period via share buybacks.
Looking ahead, Glanbia said it upgraded its adjusted earnings per share guidance to 12% to 15% growth for 2023 on a constant currency term, based on its first-half results and the continued momentum in Glanbia Performance Nutrition.
“Our strategy is on track as we continue to reshape and simplify our portfolio, invest to sustain consumer and customer relevance, drive margin improvement and deliver strong operating returns and cash conversion,” said Talbot.
“As we look to the second half of the year, we believe that the combination of market opportunity and our strong operating capabilities set us up for sustained delivery of future growth.”
For all the latest food industry news from Africa and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube channel.
