Glanbia's operating profits up 23%

Irish food group Glanbia reported trading profits of €136.5 million today, a rise of 22.8 per cent on last year and ahead of market forecasts.

Improved global dairy markets helped push profits at the group up, while earnings per share also rose up 24 per cent to 38.07 cent. A full year dividend of 7.52 cent has been proposed.

Dairy Ireland, which comprises the company’s dairy ingredients, consumer products, and agri-business divisions in Ireland, saw its profits increase more than 80 per cent to €43.5 million.

Glanbia’s Global Nutritionals business also performed well, with operating profit at the US cheese and global nutritionals arm increasing by 4.2 per cent to €93.9 million.

Managing director John Moloney said the group benefited from strong sales growth in three of its nutritionals businesses as well as the delivery of cost-cutting measures in Ireland.

“Our current expectation is that the trading environment for 2011 will be broadly positive,” he added.