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Glanbia profits drop by 3.1...

Glanbia profits drop by 3.1 million euro

31 Aug 2005
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A good performance in the US cheese business and satisfactory progress in other areas of operation were offset by a difficult first half in the Agribusiness division and the chilled foods segment of the Consumer Foods division.

31/08/05 Irish based consumer foods, food ingredients and nutritionals group Glanbia has announced a drop in operating profits of €3.1m for the first six months of 2005. Managing Director, John Moloney said that the Group’s performance at the half year was broadly in line with the first half of 2004. A good performance in the US cheese business and satisfactory progress in other areas of operation were offset by a difficult first half in the Agribusiness division and the chilled foods segment of the Consumer Foods division. This arose from the ongoing effects of the implementation of MTR on farming and the dairy sector, a competitive market environment in Ireland and additional rationalisation to improve cost effectiveness and productivity.

Moloney said that the strategic developments in Nigeria, New Mexico and Europe, and the evolving Nutritionals business, are all progressing well, however the trading environment in Ireland is expected to remain challenging for the remainder of this year. “We have taken strong proactive measures on costs, productivity and market positioning and the benefits of these initiatives will flow through during the next year. Given the current difficult trading environment we expect earnings for 2005 to be broadly in line with 2004. Glanbia continues to make solid underlying strategic and operational progress and we are confident of the Group’s future prospects“, he said.

The news came after the Kerry Group reported a 13 per cent increase in first-half, pre-tax profit to €130.9 million, in line with market expectations. Turnover in the six months to June 30 improved 8.3 per cent to €2.1 billion. The interim dividend was boosted 11.1 per cent to five cents a share. The strong profit result was achieved despite Kerry suffering a 10 basis-point drop in its trading profit margin to 7.6 per cent.

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