Glanbia profits show large fall
IRISH foods company Glanbia has reported a 46% drop in pre-tax profits to k24.6m (£16.1m) for the six months to July 3.
Turnover slipped 7.9% to k1.4bn (£920m). But that figure is before exceptional losses are taken into account. These amounted to k92.8m (£60.73m), mainly from disposal of UK assets including the sale of its liquid milk business to Express at the beginning of June. As a result, the group recorded a pre-tax loss of k68.1m (£44.6m) for the period.
Good results in the meat and agribusiness divisions were offset by disappointing performance in consumer foods and ingredients. Operating profit for the UK milk business fell 46% to k9.3m (£6.1m) due to reduced sales to supermarkets.
Describing the rest of 1999 as "challenging", group managing director, Ned Sullivan, said: "I am satisfied that the many initiatives underway are building a solid platform for sustainable growth." The company announced an interim dividend of almost 2p a share. *