Profits rise at Glanbia as nutrition giant announces €100m buyback

Firm’s revenue dropped 8.7 percent last year, dragged lower by its Glanbia Nutritionals arm

Hugh McGuire formally took over as chief executive at the start of this year. Picture: Naoise Culhane

Profits at performance nutrition giant Glanbia climbed 20.2 per cent higher in 2023 compared with the a year earlier as management declared a €100 million buyback.

Profit after tax went from $248 million (€229 million) in 2022 to $298.1 million last year, with Ebitda, earning before interest, taxes, depreciation and amortisation, up from $365.7 million to $424 million.

However, the Kilkenny-headquartered group posted a drop in revenues, down 8.7 per cent to $5.4 billion. The ...