Glanbia beats expectations despite tough home market
Published 25/08/2011 | 05:00
exercise and wellness as well as weight management.
"Favourable market dynamics are expected to continue in the second half of the year," the company said.
The increased demand meant that Glanbia could continue to push the nutritionals business despite having to pay higher prices for whey protein.
Mr Moloney said the company had a war chest of around €150m but denied there were any deals in the offing.
The results were universally welcomed by analysts, with the high margins in the American businesses drawing particular attention.
Davy Stockbrokers' John O'Reilly was bullish on Glanbia, but warned the consumer foods business could face even "stronger headwind" in the second half of the year.
"Even allowing for some significant year-on-year differences in the intra-year distribution of volume/price and profit favouring H1 this year, Glanbia performed very impressively in the first half.
"The latest acquisition, BSN, had a very good maiden performance, providing further evidence of a good acquisition capability," he said.
Glanbia closed up 2.84pc at €4.17 in Dublin yesterday.