Glanbia's total group revenue for the first half of the year was €1.78 billion, a rise of 10.7 per cent from €1.66 billion for the same half last year.
The group's Global Performance Nutrition unit was the main reason for the growth, with revenue up 21.8 per cent to €374.6 million. "Demand trends within the US sports nutrition market remain positive" the group said. "Global Performance Nutrition was the key contributor delivering strong branded revenue growth, through effective execution in core channels and continued international growth."
Its Global Ingredients division also performed well, with revenue increasing by 10.7 per cent to €565.8 million. The group commented, "Global Ingredients delivered a satisfactory first half in the context of milk procurement issues in Idaho and unfavourable whey pricing dynamics."
However, its Dairy Ireland division, which includes Glanbia Consumer Products, saw revenue fall by 7.7 per cent to €353.8 million, reflecting a 4.9 per cent organic volume decline and a 2.8 per cent decline in pricing. The group said that this was 'satisfactory' given the market conditions and that, "Dairy Ireland is expected to deliver an improved performance for both the second half of the year and the full year. This is expected to be driven primarily by Consumer Products due to the ongoing rationalisation measures being implemented across the business."
Commenting on the results, managing director Siobha?n Talbot said, “Glanbia had a good first half in 2014 resulting in a constant currency increase of 11.5 per cent in adjusted earnings per share.
"The outlook for the remainder of the year is is positive and we expect to achieve our guidance of 8 per cent to 10 per cent growth in adjusted earnings per share on a constant currency basis for 2014."