By Business & Finance 
Global food and nutrition company Glanbia saw profits jump by 20.2 per cent in 2023. Glanbia is our Company of the Month for February 2024, in association with KPMG.
Profits
Glanbia, the Kilkenny-based global food and nutrition company, has seen profits increase by 20.2 per cent in 2023, while revenues declined.
Chief executive officer, Hugh McGuire, commented: “The Group delivered an excellent performance in 2023 with adjusted EPS (earnings per share) growing by 20.5 per cent to 131.37 per cent.
“This was driven by strong global consumer demand, with Optimum Nutrition continuing its growth momentum, delivering volume and price growth in the period.”
Glanbia’s Optimum Nutrition brand, part of Glanbia Performance Nutrition (GPN), delivered strong revenue growth of 17 per cent compared to the previous year.
McLaren Racing announced in early February that Optimum Nutrition would be Official Sports Nutrition Partner of the McLaren Formula 1 Team for the 2024 season and beyond.
Matt Dennington, Executive Director, Partnerships & Accelerator, McLaren Racing, said: “It is great to welcome Optimum Nutrition to the team. We operate in a high performance environment and our people are our most important asset, so it’s fantastic that Optimum Nutrition will support our continuous push for improvement and excellence across everything we do.”
Colin Westcott-Pitt, Global Chief Brand Officer, Glanbia Performance Nutrition, said: “We’re delighted that Optimum Nutrition, which has been trusted by all types of athletes across many sports for 35 years, has joined McLaren Racing as Official Sports Nutrition Partner. Both McLaren and Optimum Nutrition are dedicated to peak human performance and excellence so we are thrilled to be working together during the forthcoming F1 season.”
Revenue at Glanbia’s nutritional solutions division dropped by 12.3 per cent compared to 2022. Volumes for the same were down 3.3 per cent but improved in the second half of 2023.
Company of the Month
The Company of the Month Award, in association with KPMG, recognises outstanding Irish companies. It especially acknowledges those who have made significant contributions to the business community of Ireland.
Recipients of the award are automatically put forward as candidates for the prestigious Company of the Year Award at the annual Business & Finance Awards.
There is a last call for submissions, click here to nominate.
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Business & Finance, Company of the Month
Business & Finance, in association with KPMG, recognises excellence in business through the ‘Company of the Month’ award. The Company of the Month award recognises the company which best demonstrates outstanding business leadership, sustainable growth, innovative strategy, strong financial returns and employee development.
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