Glanbia raises targets as demand for dairy increases
An Irish dairy company with a number of processing facilities in Northern Ireland has posted bouyant results for the first half of its financial year.
Glanbia has raised its full-year targets after posting revenues up 33.4% during the first six months of 2011.
Group revenues rose to €1.63bn in the first half of 2011 compared to €1.22bn for the same period in 2010.
But pre-tax profits totalled €82m, down from €134.7m in the same period last year.
This year's figures included an €8.7m charge arising from the introduction of cost-cutting measures at Irish consumer end of the business.
Operating profit before once-off items rose 38.5% to €91.5m in the first-half, while adjusted earnings per share grew by 55%, when adjusted for currency movements.
"We have had an excellent first half, delivering adjusted earnings per share growth of 55%, on a constant currency basis. Global dairy markets were strong as growth in dairy consumption in developing regions underpinned sustained demand and higher prices. US dairy markets were also significantly higher relative to the first half of last year," said Group Managing Director John Moloney.
"The overall trading environment remains positive and while global dairy market prices appear to have peaked in the current cycle, indications are for a relatively modest softening in prices for the remainder of the year.
''Demand-led growth across all product categories in Global Nutritionals is also strong," he added.
Glanbia upgraded its full-year outlook to between 18% to 20% growth in adjusted earnings per share, on a constant currency basis."
Glanbia group revenue rose to this amount in the first half of 2011