Group revenue of €4.1billion representing 15.2%* organic growth
Group volumes +6.8% (Q2: +8.0%)
— Taste & Nutrition +8.6% (Q2: +10.3%)
— Dairy Ireland +1.2% (Q2: +1.9%)
Group pricing +8.3% (Q2: +10.4%)
Group EBITDA of €518m with margin % maintained
Adjusted EPS of 176.4 cent +9.0% on a constant currency basis (16.1% reported currency growth)
Basic EPS of 128.4 cent (H1 2021: 128.2 cent)
Free cash flow of €226m reflecting 72% cash conversion
Interim dividend per share of 31.4 cent (H1 2021: 28.5 cent)
Divestment of Russian subsidiary completed post the period end
Full year EPS guidance reaffirmed
Commenting on the Interim Management Report 2022, Edmond Scanlon, chief executive officer, says, “We are pleased with our overall performance and business momentum across the first half of the year despite inflationary challenges and geopolitical volatility in places, in what remains a highly dynamic marketplace.
Volume growth was very strong in both retail and foodservice channels, driven by an increased level of innovation activity. This growth was broad-based across our regions, led by excellent performances in Beverage, Meat and Bakery end use markets in particular.
We continued to make good progress in actively managing the unprecedented inflationary environment in conjunction with our customers, as we support them in developing their offerings to meet the rapidly evolving marketplace. We also made good strategic progress by expanding our footprint and completing a number of strategic acquisitions in the period.
While recognizing the marketplace is facing into a period of heightened uncertainty and volatility, this also presents significant opportunities. We remain confident in our outlook and are reaffirming our full year earnings guidance.”