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Glanbia's revenues top E2.8bn in year

Wednesday, March 13 10:08:53

Irish food and nutrition group, Glanbia today posted full year revenues of E2.88 billion on a constant currency basis for 2012, a rise of 4.8pc compared to the previous year.

Pre-tax earnings for the year were up over 9pc to E198.8m, while the company also reported a 14.2pc growth in adjusted earnings per share to just under 53 cent - ahead of expectations.

Glanbia's operations in Ireland underwent a complex restructuring last year with the creation of Glanbia Ingredients Ireland Limited.

This is a joint venture between the plc and the co-op which saw the co-op's share in the PLC reduced to 41.3pc.

The company said its prospects for this year are good, although it remains cautious given the global environment.

''We expect adjusted earnings per share growth, on a constant currency basis of between 8pc and 10pc for the year year,'' commented Glanbia's group managing director John Moloney.

He said the Irish dairy processing transaction facilitates a concentrated focus on its international growth and the longer-term prospects for Glanbia are very positive.

''We are in a stronger position that ever to drive the business forward and capitalise on our competitive advantage in both business to business and business to consumer nutritionals products and solutions,'' he added.