Irish food group Glanbia posted a 28% drop in first-half earnings today (26 August), hurt by a sharp decline in international dairy prices and weaker consumer confidence.
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For the six months ended 4 July, pre-tax profit dropped to EUR38m (US$54m) from EUR53.1m in the previous year.
Operating profit was also down, dropping to EUR47.8m, a 15.4% decline on the prior year.
MD John Moloney said: “While we remain cautious in our outlook today, we expect the overall rate of decline to moderate in the second half. Earnings guidance for the full year is unchanged with full year adjusted earnings expected to be 30 to 32 cents per share.”
Revenue dropped 14.6% to EUR994.9m for the period.
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By GlobalDataClick here for the full release from Glanbia and check back later further comment from the company’s management.
