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Irish food group Glanbia has posted robust half-year
results in its latest set of financials, boosting
profits by well over a third compared to 2007.
Pre-tax profits were up by 37.6% to ?53.1m (?42.4m),
while sales improved by just over 6% over the same
period to around ?1.1bn (?878m).
?Glanbia had a good first half, delivering strong growth
relative to the first half of 2007 and a 26% increase in
adjusted earnings per share,? said managing director
John Moloney. ?The second half of this year is expected
to be somewhat ahead of the second half of 2007. Margins
have recovered in Consumer Foods Ireland and there is a
satisfactory outlook for Agribusiness & Property.
?While organic growth remains strong in Food Ingredients
USA and Nutritionals, the performance of Food
Ingredients Ireland in the second half will be reduced
relative to the second half of 2007, as global dairy
market volatility has created a time lag in balancing
input costs and market returns. International joint
ventures are expected to sustain their improved first
half performance.?
The news comes after Glanbia yesterday announced it had
agreed to acquire US sports nutrition business Optimum
Nutrition in a deal worth $315m (?171.9m).
Meanwhile, Irish rival Kerry Group yesterday announced
an 8% hike in pre-tax profits for the last six months to
?175m (?139.5m) against sales of just under ?2.4bn
(?1.91bn).
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