Glanbia's performance nutrition arm continues its massive expansion
The performance nutrition arm of Glanbia, which develops products including protein supplements for athletes, has continued its massive expansion in the first half of 2016.
Earnings at Global Performance Nutrition (GPN) soared by 35pc to €81.7m in the first six months of the year, placing it of higher importance to Glanbia than its milk or nutritionals businesses.
GPN now amounts for more than half of the company's earnings as Glanbia Nutritionals reported a 4pc decrease on earnings during the same period.
Earnings before interest tax and amortisation (EBITA) at its nutritionals arm stood at €58m while Dairy Ireland posted a 1.1pc increase on earnings, up to €17.7m.
Glanbia managing director Siobhán Talbot said the company had delivered "strong" half-year results.
"Sales of performance nutrition brands and value-added nutritional ingredients showed good growth in the first half of 2016 delivering on our vision to be a leading nutrition business.
"Global dairy markets remain weak and continue to be a challenge for parts of the business, however the diversity of the Glanbia portfolio has enabled us to navigate this and we reiterate guidance for the full year of adjusted earnings per share growth of 8pc to 10pc on a constant currency basis," Ms Talbot said.
Adjusted earnings per share at the company increased to 44.87c, up 10.8pc on the same period last year.
Glanbia managed to significantly boost its profitability too. EBITA margin on its groupwide earnings of €157.4m increased to 11pc.