NEW! Investment Companies Centre

Glanbia lifts profits, awaits costs rise impact

Related Companies

  • Food Producers & Processors

    • News for Spread Betters

    PreviousPrevious
    NextNext

    There's a new Investor Edition of CMC Markets' spread betting platform... and it's exclusive to DigitalLook.com users...

    Get full details about Marketmaker:Investor Edition here. Advertisement

    Date: Wednesday 27 Aug 2008

    LONDON (ShareCast) - Irish dairy products group Glanbia reported a sharp rise in first half revenues and profits, but said higher input costs would impact results in the second half.

    Revenues in the six months climbed to €1.1m from €1m, lifting pre-tax profits to €53.1m from €38.6m.

    “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,” managing director John Moloney said.

    He said Glanbia expects to see its latest acquisition having a positive impact on results soon.

    “We are delighted with the acquisition of Optimum Nutrition which we announced on 25 August,” he said.

    “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.”

    Digital Look have been voted
    "Best Research and Information Provider"

    4th Floor, Bankside House, 107 Leadenhall Street, London EC3A 4AF.
    Registered in England and Wales (registered no. 3678570).