Irish food group Glanbia reported profits of €66.6million today, a rise of 24 per cent on last year and well ahead of market forecasts.
Glanbia said its Irish and US dairy ingredients businesses performed particularly well. Sales in these divisions rose by 10.5 per cent to €1,025 million and accounted for 39 per cent of group sales and more 64 per cent group profits.
However Glanbia’s British cooked meat division continues to face difficulties having lost a major contract at the end of last year. The division faces more losses in the current year despite expectation that it would return to profit. Management is now carrying out a major strategic review of this division in the light of the contract loss.
The Irish liquid milk business had a good performance during 2001, benefiting from continuing operating efficiencies and market development.
The Avonmore milk brand was recognised as the top grocery brand in Ireland while the three processing sites were jointly accredited by the NSAI for the first virtual, integrated food safety and quality management system in Ireland.