Glanbia ups guidance after strong H1
Ingredients and cheese group Glanbia this morning revised upwards its expected earnings per share (EPS) growth following what it called an "excellent" first-half performance.
The company said that its operating profit for the six-month period to July 3 was up 38.7% to €66.3m compared to €47.8m for the same period 2009.
Profit after tax was €48.6m, up 58.8% on the €30.6m recorded in H1 2009.
Revenue was €1,036.4m, a 9.7% increase on the €944.9m sales in the first six months of last year.
Adjusted EPS was up 50.8% to 18.62 cents per share, with a half year dividend increase of 5% to 3.03 cents per share.
"Glanbia delivered an excellent first half performance driven mainly by a return to profitability in Irish Dairy Ingredients and a good performance by Global Nutritionals," said Group Managing Director John Moloney.
"While the global economic environment remains uncertain, the Board, taking current trading conditions into account is confident Glanbia will achieve strong revenue, operating profit and margin growth for the full year.
"As a result the Group has revised adjusted earnings per share guidance upwards and is now expecting approximately 20% adjusted earnings per share growth for the full year."
