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Glanbia profits and revenue up

shares at Irish food giant Glanbia rose yesterday after the company hit market targets with its half year results and revealed plans to invest some €60m in its global ingredients business.

In the six months to the end of July 5, Glanbia said it increased profits after tax to €86.8m on revenue which grew 7.7pc to €1.3bn.

In Glanbia's domestic business - Dairy Ireland - sales continued a recent fall, dropping 7.7pc between January and July this year.

Despite the slide in Ireland, company managing director Siobhan Talbot (inset above) said there were now signs of stabilisation in the market. Overall, she said the group's results reflected a "good first half".

Ms Talbot said the company had not been directly affected by Russia's ban on EU imports.