Glanbia has reported a strong set of results for its fiscal first half, helped by growth at its performance nutrition division.
The Irish group saw underlying pre-tax profits grow by 11% to €176.5m, as a 34.6% jump to €81.7m at its performance nutrition division offset a 4% decline to €58m at its traditional ingredients division. Overall revenue, however, was down 2% to €1.84bn, as a decline in dairy prices offset a 12% rise to €505.3m at the nutrition division.
Glanbia noted: “Global dairy markets remain weak and continue to be a challenge for parts of the business, however the diversity of the Glanbia portfolio has enabled us to navigate this.”
Looking ahead, managing director Siobhán Talbot said the group was “cautiously optimistic”, although she cited the uncertainty following the Brexit vote.