DAIRY DEMAND LIFTING GLANBIA PERFORMANCE - Glanbia reports its results for the first half of the year this morning. The group's revenue was 33% higher at €1.3 billion, and it has issued an upgrade to its earnings forecast for the year.
Chief executive John Moloney said the company was pleased with the results, with total group revenue - when joint ventures are included - up from €1.2 billion to €1.6 billion.
He said growth was broadly-based, with positive world dairy markets and strong growth in its global nutritionals and US cheese business.
Mr Moloney said the medium-term outlook for dairy markets was strong, with a billion new consumers expected in Asia and Latin America over the next few years. He said Ireland had a lot of potential for expansion into these markets.
But the Glanbia chief said conditions were still tough for its consumer foods business in Ireland. Mr Moloney said Irish grocery markets had fallen to 2007 levels, and Glanbia had had to reduce its cost base to reflect this.
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TULLOW AIMING FOR 100,000 PRODUCTION MARK - Tullow, the oil and gas exploration and production group, also has results this morning. Its profit before tax was 312% higher at $540m. Revenue rose by 119% to $1 billion, helped by higher commodity prices.
Tullow chief executive Aidan Heavey said production from its main assets was starting to come through, and it was expecting to produce 100,000 barrels a day by the end of the year.
He said he did not see any big changes in commodity prices for the rest of the year.
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NEWS AND CURRENCIES - Insurer FBD says, that following a strategic review, it is setting up a joint venture with Farmer Business Developments, which owns just under 30% of the voting rights in the listed group, to own and manage its Irish and Spanish property and leisure operations.
FBD says this will allow it to focus on its core insurance business and reduce its exposure to property valuation fluctuations. The company reported first-half pre-tax profit of €20.5m, compared with a €7.9m loss a year ago.
On the currency markets the euro is trading at $1.4406 and 87.3 pence sterling.
