Irish dairy giant Glanbia beat analysts' expectations with a sharp rise in profit driven by growth in nutritional ingredients and consumer foods.
Strong performances in functional beverages, fresh dairy soups and spreads and mozzarella cheese offset more lacklustre returns in the food ingredients division, hit by weak international dairy markets and rising raw materials costs.
Pre-exceptional, pre-tax profit rose 7.8% to E71.8m on sales down 11.8% to E2.3bn following the exit of the underperforming UK consumer meats and foodservice distribution operation.
Products in the pipeline include milk-based functional drinks and bioactive whey products for intestinal health.

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