Glanbia sees pre-tax profits jump 5.4%

GLANBIA yesterday reported that its pre-tax profit in the first half of this year was 5.4% ahead of the same period in 2002.

Operating profit was 0.6% ahead of the first half of 2002 despite a 15.7% drop in turnover to just over €1 billion arising from the group's exit from its British consumer meats and foodservice businesses in the middle of last year. Overall, the group benefited from growth in profits in consumer foods and agribusiness operations.

It said its food ingredients business had an excellent operating performance, but results were impacted by difficult market conditions and the strengthening of the euro. Group managing director John Moloney said the results represent a solid performance. Operating profit is up despite the reduced turnover.