Glanbia enjoys 13% jump in first-half revenue
Food group reports strong performance in its nutrition and global ingredients businesses
Glanbia saw revenue jump 13 per cent to €1.68 billion in the first half of 2013 on the back of strong performances in its nutrition and global ingredients businesses.
The food group said pre-tax profits were up to €95 million from €88 million compared with the same time last year.
The group’s Dairy Ireland division saw revenues rise 9.2 per cent to €383 million but earnings fall 24 per cent to €12 million, which the company blamed on lower volumes and higher milk input costs.
Glanbia said the outlook for the business was positive despite “some challenges”.
It has forecast growth in adjusted earnings per share of between 8-10 per cent on a constant currency basis.
“This reflects the business’ expectation of positive performances in Global Performance Nutrition and Global Ingredients, which will be partially offset by a year-on-year decline in Dairy Ireland,” it said.
Outgoing managing director John Moloney said the group’s first half performance was driven by global performance nutrition and global ingredients.
He said the two business segments now represent 70 per cent of the group’s business.
Dairy Ireland’s performance was affected by a ‘’very difficult’’ first half in consumer products, he added.
“Overall, Glanbia is in a strong position to capitalise on its unique portfolio of global businesses, development opportunities and strong balance sheet.”
Mr Moloney is to be replaced by group finance director Siobhán Talbot at the end of 2013.