Glanbia announced results for the first half of 2023 which included revised guidance for the year, with earnings-per-share outlook upgraded to between 12% and 15% (from 7% to 11% previously).

In the first six months of this year, revenue declined from $3.1bn (€2.84bn) to $2.8bn (€2.56bn) and earnings improved, with EBITA rising 6% to $198.6m.

Margins improved across business segments and the company announced an interim dividend of 14.22 cent (euro) per share.

The previously announced share buyback scheme continued during this reporting period, with the total programme amount at €100m.

This earnings release is the first time Glanbia has reported its results in US dollars.

New CEO

The group announced that Hugh McGuire, currently CEO of Glanbia Performance Nutrition, will replace Siobhán Talbot as group chief executive officer after she steps down at the end of the year.

Siobhán Talbot said that it was her "great privilege" to lead Glanbia over the past 10 years.

Looking at the results for the first half of the year, the worst-performing segment seems to have been the SlimFast brand.

The company reported that US consumption for the brand in the 12 weeks to mid-July was down by a huge 30%.

Glanbia said it would be prioritising investment and resources in performance nutrition and healthy lifestyle brands - a group which does not include the SlimFast brand.

Initial investor reaction to the results were positive, with shares in the group rising 2.3% to €14.50.