Irish dairy group Glanbia has posted an increase in first-half pre-tax profit despite a lower turnover following the closure of its UK consumer meats business and sale of its UK foodservice businesses.

Profit before tax and exceptional items rose 5.4% to E37.6m on turnover down 15.7% to E1.05bn to the half-year ended July 5.

Glanbia said strong performances in its consumer foods and agribusiness offset a loss in its food ingredients business, which suffered from “difficult market conditions”.

Operating profit for its consumer foods business, which covers its dairy production and marketing in the UK and Ireland, was up 31.3% to E22.7m, despite a 26.3% fall in turnover to E473m.

Chairman Tom Corcoran said Glanbia’s consumer foods business further improved performance in the first half was aided by the closure of its UK consumer meat business and the sale of its foodservice business, which allowed it to concentrate on its cheese and consumer ingredients operations.