Ireland-based dairy and ingredients firm Glanbia saw annual profits rise last year after success overseas offset falling earnings from the company’s domestic consumer business.
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Operating profit jumped 35% to EUR115.8m (US$175.8m) for the year to 29 December, while revenue was up 19% to EUR2.2m.
Glanbia’s international operations gained momentum in 2007, up 30% to EUR1.4bn, thanks in part to a good performance from the company’s US ingredients division.
John Moloney, group managing director, said: “Glanbia had an excellent year in 2007. The driver was the strong performance of our largest division, food ingredients & nutritionals. This division delivered with good volumes, improvements in operational efficiency and solid growth in margins.”
Despite favourable international results, revenue for the group’s Irish consumer food operations was down 27% to EUR17.8m, as a result of higher milk costs.
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