Food group Glanbia has posted a 13% jump in revenue for the first half of 2013 on the back of strong performances in its Global Performance Nutrition business, but admits that challenges remain at its Dairy Ireland business.
Total revenue for the six months to the end of June 2013 rose by 13% to hit €1.68 billion, while EBITA increased by 6.4% to €123.9 million.
Glanbia's group managing director John Moloney said that the group's first half performance was driven by the 'two pillars' of performance nutrition and global ingredients, with the two units representing over 70% of the groups' total earnings.
Moloney noted that products such as whey protein had many uses beyond the realm of high-performance athletics.
"We’d be very encouraged by that performance and we believe that there is considerable scope for the business in the years ahead," he said.
“We expect little change in the external operating environment in the second half and with clear challenges remaining in Dairy Ireland we are maintaining our 2013 full year guidance of adjusted earnings per share growth of between 8% and 10%, on a constant currency basis," Moloney said.
He added, “Our recently announced management changes put in place an excellent team to continue to drive the business forward and to evolve the long term strategy that will deliver the next phase of growth.”
Moloney is due to step down at the end of the year and he will be replaced by the company's group finance director Siobhán Talbot. Moloney, who has been managing director since 2001 is set to retire by the end of 2013.
Total revenue for the six months to the end of June 2013 rose by 13% to hit €1.68 billion, while EBITA increased by 6.4% to €123.9 million.
Glanbia's group managing director John Moloney said that the group's first half performance was driven by the 'two pillars' of performance nutrition and global ingredients, with the two units representing over 70% of the groups' total earnings.
Moloney noted that products such as whey protein had many uses beyond the realm of high-performance athletics.
"We’d be very encouraged by that performance and we believe that there is considerable scope for the business in the years ahead," he said.
“We expect little change in the external operating environment in the second half and with clear challenges remaining in Dairy Ireland we are maintaining our 2013 full year guidance of adjusted earnings per share growth of between 8% and 10%, on a constant currency basis," Moloney said.
He added, “Our recently announced management changes put in place an excellent team to continue to drive the business forward and to evolve the long term strategy that will deliver the next phase of growth.”
Moloney is due to step down at the end of the year and he will be replaced by the company's group finance director Siobhán Talbot. Moloney, who has been managing director since 2001 is set to retire by the end of 2013.
