Glanbia revenue up almost 10pc driven by performance nutrition business
Revenue at Kilkenny-based Glanbia rose by 9.9pc to €2bn in the six months to 30 June, driven by a strong performance in the company’s performance nutrition business, according to the groups interim statement.
Earnings before interest, taxation, deprecation, and amortization (EBITA) were €198.2m, up 6.6pc on the same period in 2016 on a constant currency basis.
Announcing the results, the company said that as a result of the sale of 60pc of Dairy Ireland and related assets, results from this division have been classified as 'discontinued operations'.
Total net cash proceeds from the sale of Dairy Ireland is expected to be in excess of €200m.
Read more: Glanbia plc completes sale of Dairy Ireland
Glanbia Nutritionals, which includes its value-add dairy ingredients business, was the main driver of the company’s performance, with revenue growth of 9pc on a constant currency basis, and EBITA of 8.1pc, also on a constant currency basis.
While the groups Joint Ventures and Associates also delivered strong revenue and EBITA growth of 23.2pc and 83.8pc respectively.
The company’s Performance Nutrition business delivered reported revenue growth of 5.4pc on a constant currency basis, and EBITA growth of 0.2pc.