Food company Glanbia delivered Glanbia interim results in line with market forecasts despite difficult conditions in its pigmeat business.
Pre-tax profit for the first half of 2004 increased to €35.7 million compared to €10.7 million last year though direct comparisons are difficult because of a number of exceptional charges taken last year as the company restructured.
Operating profit declined by 11.8 per cent to €40.3 million mainly due to the shortfall in profits from the consumer foods division which includes the pigmeat business.
Glanbia's pigmeat business has suffered due to a cyclical decline in the business and overcapacity in the market.
On the positive side, Glanbia's ingredients business performed strongly as did its US-based cheese business.
In recent years Glanbia has moved away from its traditional consumer foods business towards becoming an ingredients supplier.
Management said today that it believes ingredients will provide the platform for solid future earnings growth.