Dairy, meat and food ingredients firm Glanbia today announced half year figures to July 5 in line with market expectations.
The firm's pre tax profit was up 5.4% on the same period last year, at €37.56m, operating profit added 0.6% to €45.73m, and adjusted earnings per share were 7.5% higher at 9.14 cent.
Glanbia chief executive John Moloney said another notable feature in the accounts for the six months is that borrowings are down by 18.5%. He said margins were being affected by the strength of the euro and the company expected to see continuing difficulties in international markets.
Profits in the consumer foods business increased and progress was made in Glanbia's Irish liquid milk and chilled foods business. UK cheese was weaker due to the highly competitive nature of the market there.
Exceptional charges of €26.8m included €9.5m of redundancy costs, mainly related to the sale of its UK fresh meats business.
Shares in Glanbia closed five cent lower at €1.85 in Dublin.
