Food group Glanbia reported improved results today and raised its forecast for full-year adjusted earnings per share as the Irish dairy ingredients business returned to profit and its overseas business also turned in good results.
The company said revenue in the first six months of the year increased 9.7 per cent to to €1.04 billion while adjusted net income rose 51 per cent to €54.6 million.
Operating profit rose 38.7 per cent to €66.3 million compared to a year earlier, and a cost savings programme was said to be on target.
Glanbia said it would raise its half year dividend by 5 per cent to 3.03 cent per share.
Group managing director John Moloney said Glanbia's performance in the first half of the year was driven mainly by a return to profitability in Irish dairy ingredients sector and a good performance by its global nutritionals unit.
However, the Irish dairy unit is expected to have a mixed performance for the full year, with the ingreditnts sector's strong performance offset somewhat by a weaker consumer products sector. Agribusiness is expected to be mnarginally ahead of 2009.
|"While the global economic environment remains uncertain, the board, taking current trading conditions into account is confident Glanbia will achieve strong revenue, operating profit and margin growth for the full year," Mr Moloney said.
"As a result the group has revised adjusted earnings per share guidance upwards and is now expecting approximately 20 per cent adjusted earnings per share growth for the full year."
