Glanbia has reported a 25.4% drop in earnings to €85 million for the first half of the year, before interest, taxes, and amortisation.

The global nutrition group said it is in a strong financial position, with revenues up 2.3% to €1.8 billion from €1.76 billion a year earlier.

In its half year results, the group has announced a deal to buy Foodarom, a specialist flavours solutions business based in Canada for 60 million Canadian dollars.

The group said the transaction is expected to be completed in the second half of the year.

Performance nutrition revenue was €532.4 million for the first half, down 15.6%, while Ebitda was €19.6 million, down 58.2%.

Glanbia Nutritionals, reported a 12% rise in revenue to €1.3 billion, while Ebitda was down 6.8% to €48.1 million.

Total Group profit for the period was €69.9 million, down €16.9 million on prior half year.

Adjusted earnings per share was 31.05 cent. This was a decrease on prior year of 17.2% constant currency, down 15.4%.

Siobhán Talbot, Group Managing Director said that Covid-19 brought "extraordinary challenges" for the company.

"I am hugely appreciative of the agility, dedication and commitment that Glanbia employees and particularly our frontline workers, suppliers, and customer partners showed in quickly adopting new radical ways of working and maintaining operations throughout the pandemic," she said.