Glanbia Delivers A 'Resilient' Operating Performance In First Half
Glanbia delivered a 'resilient' operating performance, while 'navigating the challenges' resulting from the COVID-19 pandemic, its latest financial results show.
In the first six months of 2020 the group's revenue grew by 2.3%.
Overall, the results show that the group is in a strong financial position, its net debt improved by €126.7 million versus prior half year.
The group's joint ventures delivered a 'robust performance' during the period.
It's pre-exceptional share of profit after tax came in at €31.8 million, up €5 million on prior half year.
Glanbia Nutritionals (GN) delivered a good performance with earnings in line with 2019, as key end market demand sustained throughout the first half of 2020, the company said.
However, Glanbia Performance Nutrition (GPN) was impacted by COVID-19 due to International market disruption and challenges in the North American specialty and distributor channels.
"Our compelling belief is that consumers increasing focus on health and wellbeing, as well as greater importance on trust and quality, positions Glanbia well for the future, given our core purpose of the delivery of better nutrition via our brands and ingredient solutions," said Siobhán Talbot, group managing director.
"While navigating COVID-19 we have maintained a strategic focus across the group; we have broadened the ambition within the transformation project in GPN and we have continued to scale our capabilities in GN as demonstrated by the acquisition of Foodarom."
"We continue to selectively pursue opportunities which meet our strategic and financial criteria," she added.
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