Glanbia has seen its Total Group revenue for the first half of the year rise 10.7% on a constant currency basis to €1.8 billion, according to interim results issued this morning.
The results show that its Glanbia's Global Performance Nutrition was the group's best performing portfolio, with revenue up 21.8% on a constant currency basis to €374.6 million. 'Demand trends within the US sports nutrition market remain positive,' the group said. 'International revenue growth remains strong reflecting the awareness of and high regard for our brands across the globe.'
Its Global Ingredients portfolio also performed strongly, with revenue rising 10.7% on a constant currency basis to €565.8 million.
However, its Dairy Ireland portolio, which includes its Glanbia Consumer Products division, saw revenue decline by 7.7% to €353.8 million, reflecting a 4.9% organic volume decline and a 2.8% decline in pricing.
'Dairy Ireland is expected to deliver an improved performance for both the second half of the year and the full year,' it said. 'This is expected to be driven primarily by Consumer Products due to the ongoing rationalisation measures being implemented across the business.'
“Glanbia had a good first half in 2014 resulting in a constant currency increase of 11.5% in adjusted earnings per share," said Siobha?n Talbot, Group Managing Director. "Global Performance Nutrition was the key contributor delivering strong branded revenue growth, through effective execution in core channels and continued international growth. Global Ingredients delivered a satisfactory first half in the context of milk procurement issues in Idaho and unfavourable whey pricing dynamics.
"Dairy Ireland performed in line with expectation, albeit behind the prior year while Joint Ventures & Associates was also in line with expectation. We continue to invest in our strategy of maximising the value of our ingredients."
© 2014 - Checkout Magazine by Stephen Wynne-Jones
