Food group Glanbia has reported pre-tax losses of €14.9m for last year, hit by charges of more than €90m mainly relating to the restructuring of its UK operations.
Excluding the exceptional items, pre-tax profits were up 7% at €77.1m. Operating profits edged up 1.4% to €92.8m on 11.9% lower turnover of just over €2 billion. Turnover was affected by the sell-off of a number of UK businesses.
Adjusted earnings per share were up 10% at 19.26 cent and a 5% higher total dividend of five cent has been declared.
Managing director John Moloney described the performance as 'solid', saying the group had now completed its UK restructuring, finalising a three-year reorganisation programme.
The company's figures also included a €9.5m charge linked to redundancy costs arising from a fire at the Rooskey pigmeat plant in 2002.
Profits at Glanbia's key consumer foods division fell slightly to €44.8m, with turnover down to €900m. In the food ingredients division, profits grew 12% to €33.8m, but turnover was down marginally to €906m. The results in this division were hit by the weaker dollar.
Shares in the company closed six cent lower at €2.49 in Dublin this evening.
