Glanbia cites growth in global unit as factor in turnaround of fortunes

FOOD group Glanbia cites strong growth in its global nutritionals unit and a return to profitability in the Irish dairy ingredients sector as key factors in its turnaround of fortunes over the past 12 months.

In its results for the first six months of 2010, issued yesterday, Glanbia unveiled a 58% rise in pre-tax profits to €60.2m, with revenue for the half-year to July 3 up by 9.7% to €1.03bn. This compares with €38m and €945m respectively for this time last year.

The group has upgraded its earnings guidance to 20%, predicting 37c adjusted earnings per share for 2010. Its stock opened at €3.38 per share yesterday, and rose to €3.44. Its previous 52-week high was €3.42, and it has stayed consistently within a few cent of this price for the past 12 months, closing at €3.40 yesterday.