(RTTNews) – Irish nutritional company Glanbia Plc (GLB.L) on Wednesday reported lower profit for fiscal 2024, impacted by lower revenues. The company also revealed earnings outlook for the next year.
The company posted pre-tax profit of $208.0 million in fiscal 2024, down from $392.4 million a year ago.
Profit for the year declined to $164.7 million from $344.5 million in the previous year. On a per share basis, earnings fell to 62.45 $cents from 127.50 $cents last year.
Adjusted profit before tax was $369.4 million, compared to $344.6 million last year.
Adjusted net income was $364.8 million or 140.03 $cents per share, compared to $349.6 million or 131.17 $cents per share in the prior-year.
Total revenues declined to $3.84 billion from $5.46 billion reported in fiscal 2023.
The company’s Board is recommending a final dividend of 23.33 euro cent per share, which brings the total dividend for the year to 38.97 euro cent per share, a 10 percent increase on prior year. The final dividend will be paid on May 2 to shareholders on the share register on March 21.
Further, the company announced that the Board has approved a further 100 million euros share buyback authority in 2025 as part of its capital allocation policy.
Looking ahead, for fiscal 2025, the company expects adjusted earnings per share between 124 $ cents and 130 $ cents. This is attributed to a good performance from Health & Nutrition, Dairy Nutrition and the Group’s US joint venture ahead of the prior year.
On the LSE, the stock is trading down 15 percent at 12.02 euros.
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