First-half earnings at Glanbia surged by 58% as the company’s Irish dairy business returned to profitability.
Total sales for the period were up almost 10% to break €1bn. Pre-tax profits, meanwhile, hit €60.2m for the six months to 3 July, up from €38m for the equivalent period last year.
Managing director John Moloney hailed an “excellent first-half performance” and said the company’s nutrition arm would drive second-half growth.
“In dairy Ireland, performance will be somewhat mixed,” he warned.
Moloney said the ingredients business was “strongly ahead” of 2009 but its consumer products arm was down “in the context of a very tough trading environment”.
Glanbia members block Irish dairy deal (11 May 2010)
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