Dairy and food ingredients group Glanbia has posted a 28% increase in pre-tax profits to €38.6m for the first half of the year.
Revenues were up 13% to just over €1 billion while earnings per share climbed 26% to 11.47 cent - ahead of market expectations. A 5%% higher dividend of 2.5 cent will be paid.
The company is benefiting from higher milk prices and its expanding international food ingredients and nutritionals businesses. It described world dairy markets as 'buoyant'.
Managing director John Moloney said full-year earnings growth should be in a high teens percentage, an upgrade to current market expectations.
Davy Stockbrokers today raised its growth forecast for Glanbia to 18.6% for this year from a previous 14.3%.
It also increased its forecast for next year to 15.3% up from 11.6%.
Davy said optimally positioned Glanbia's share price has upside H1 EPS growth of 26%, with momentum to continue.
Shares in the company closed up 11 cent to €4 in Dublin.
