Global ingredients firm Glanbia reports higher revenues and earnings
GLOBAL ingredients and nutrition firm Glanbia has reported a 10.7pc increase in revenues to €1.7bn for the first half on a constant currency basis.
Earnings before interest, taxation, depreciation and amortisation hit €129.5m, a 10.3pc improvement on the same basis.
Glanbia also announced a €60m strategic investment programme in global ingredients aimed at "maximising the value of our whey pool and further strengthening our position as a leader in value-added dairy ingredients."
The firm's global performance nutrition was the key growth driver as revenue growth of 21.8pc and a 110 basis point margin expansion drove a strong increase in EBITA.
However, Dairy Ireland performance was behind the prior year as stabilisation in consumer products was more than offset by a lower performance in agribusiness, it added.
"Global ingredients delivered a satisfactory first half in the context of milk procurement issues in Idaho and unfavourable whey pricing dynamics," said Siobhan Talbot, chief executive.
"Dairy Ireland performed in line with expectation, albeit behind the prior year while joint ventures and associates was also in line with expectation.
"We continue to invest in our strategy of maximising the value of our ingredients."