Glanbia almost doubles profit

By FWi staff

IRISH food group Glanbia has announced a virtual doubling of operating profits for the half-year ending 30 June, 2001.

Profits rose by 84% to Euro45.46 million (28m), up from Euro24.65 (15.2m) for the same period last year.

The figures contrast strongly with 2000 when the company was forced to issue a profits warning, after serious under-performance in the UK meat and food service sectors.

Foot-and-mouth is partially credited for the turnaround, with an increase in feed sales due to higher stocking levels.

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