Glanbia first half profit, revenue rise in 2008

Profit and revenue at food group Glanbia rose in the first half of the year, the company said today.

Revenue climbed 6.3 per cent, with like-for-like revenue up 20 per cent. Profit before tax was also up, rising 37.6 per cent, and 49 per cent on a like for like basis.

In the US, food ingredients delivered strong results, the company said. Nutritionals also performed well, while other divisions performed in line with expectations.

The company announced earlier this week that it was to buy US sports nutrition firm Optimum Nutrition.

John Moloney, managing director, said the group was confident of a good performance for the full year and was predicting double digit earnings growth.

"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 and property," he said.

Mr Moloney warned that the performance of the food ingredients sector in Ireland in the second half would be reduced in comparison to last year, due to volatility in the global dairy market which has created a "time lag in balancing input costs and market returns".

Glanbia fell 10 cents, or 2.2 per cent, to €4.45 at 8.06 am in Dublin trading, giving the company a market value of €1.3 billion.

Additional reporting: Bloomberg