The Glanbia Ingredients facility in Virginia, County Cavan, Ireland.

Glanbia plc, the Irish foods group, today announced its results for the half year ended 28 June 2008. Revenue including Glanbia's share of the revenue of joint ventures and associates was €1.3 billion in the first half of 2008, up 6.5% on the same period last year. Profit before tax rose 30.5% to €44.1m.

John Moloney, Group Managing Director, said: "Glanbia had a good first half delivering strong growth relative to the first half of 2007 and a 26% increase in adjusted earnings per share. The second half of this year is expected to be somewhat ahead of the second half of 2007. Margins have recovered in Consumer Foods Ireland and there is a satisfactory outlook for Agribusiness & Property. While organic growth remains strong in Food Ingredients USA and Nutritionals, the performance of Food Ingredients Ireland in the second half will be reduced relative to the second half of 2007, as global dairy market volatility has created a time lag in balancing input costs and market returns. International joint ventures are expected to sustain their improved first half performance. For the full year, we are confident of a good overall performance and we believe the Group will deliver double digit earnings growth, in line with market expectations. 

We are delighted with the acquisition of Optimum Nutrition which we announced on 25 August 2008. Optimum has leading US sports nutrition brands and an excellent reputation in the sector. It represents a key strategic development in the growth of our Nutritionals business and is expected to be earnings enhancing from this year."

Results Detail