Irish food group Glanbia said today it expects its full year results to be satisfactory as improved performance, which saw pre tax profits rise 195 per cent in the first half, is set to continue into the second half.
Results for the first half to end-June showed pre tax profits rose to euro 32.23 million from euro 10.92 million on turnover which was 3.4 per cent up at euro 1.289 billion from euro 1.246 billion.
Glanbia said it continued to make steady progress in the first half of 2001, building on the benefits of the recent rationalisation and investment programme to show a strong recovery in operating profit and pre tax profit compared to the first half of 2000.
The increase in first half operating profit primarily reflects a strong performance in dairy food ingredients and agribusiness, together with improved results in most consumer foods operations, the company said.
The increased turnover reflects a satisfactory increase in sales, particularly in food ingredients.
The company said it has seen strong performances in Irish and US operations and, while progress was made in Britain the results were affected by the foot-and-mouth crisis, although the effect was not material.
Glanbia said its focus in the second half of the year is to maintain steady progress in building performance and results, enhancing operating efficiencies and reducing borrowings.