Glanbia profits up 2%
01/03/2006 - 07:38:09Food group Glanbia today announced group profits of €61.1m for 2005, up 2% from €60.2m in 2004.
The company said EU reforms and market competition hit Irish profits, but that international operations performed well.
"A difficult year in Ireland impacted the group's results, as Irish operations continue to be affected by a combination of ongoing EU reform, inflationary pressures and a competitive market environment," the company said today, but added that joint ventures in New Mexico and Nigeria, which are "central to the strategic development of the group", are progressing well.
The group invested €15.7m in productivity and efficiency initiatives in Irish operations during the year.
