Irish dairy products and ingredients group Glanbia reported a 9.3 per cent increase in group turnover to E2,625.41m from E2,401.74m in 2000. A boost in sales from the dairy food ingredients business helped the results, the company commented.
Operating profit increased by 12.7 per cent to E93.23m, compared to E82.71m in 2000, reflecting strong performances in dairy food ingredients, Irish consumer foods and satisfactory results in agribusiness and UK cheese operations. The operating margin rose to 3.6 per cent from 3.4 per cent in 2000.
John Moloney, group managing director said: "We have made steady progress in building Glanbia's operating and financial performance and this work will continue into 2002. The group continues to tighten its business focus and we will intensify our activities in cheese and nutrition during the coming year. We expect to continue making satisfactory progress in 2002."
Profit before exceptional items and tax increased by 24 per cent to E66.60m from E53.69m in 2000, principally reflecting increased sales and lower interest costs.
Glanbia stressed that the dairy food ingredients division achieved a very good performance. It is comprised of the US and Irish cheese and dairy ingredient operations, which supply the international nutritional and food processing sectors. Turnover for this division grew by 10.5 per cent to E1,025.54m (E928.29m in 2000). Operating profit increased by 5.2 per cent to E59.41m from E56.50m in 2000. The operating margin was 5.8 per cent.
The actual division accounted for a considerable 39 per cent of the group turnover and 63.7 per cent of Group operating profit. Turnover in the USA increased by 33.7 per cent to from E414.07m in 2000 to E553.80m in 2001.
Glanbia commented that the full-year contribution from the expanded cheese and whey protein production facilities in the US contributed to the turnover.
In Ireland, Glanbia Ingredients is the leading dairy processing business, utilising over 30 per cent of the national manufacturing milk pool. Facilities in three locations produce a wide portfolio of cheese, protein, butterfat-based and formulated products and export over 95 per cent of output to European, North and South American, African and Asian markets. The business had continuing strong sales in protein products, cheese, formulated products and cream base.