USA and Ireland keep Glanbia strong

IRELAND – Ireland’s largest dairy company, Glanbia, announced upbeat results for 2001 yesterday, with strong performances from its USA and Ireland operations.

The group’s turnover for 2001 was 2.6 billion euro, up 9.3% on 2.4 billion euro for 2000. Turnover for the company’s Irish operations was up 11.4% on 2000 to 792.8 million euro. In the USA, the company’s ingredients division saw turnover up 33% on 2000 at 553.8 million euro.

Presenting the results, Glanbia managing director John Maloney said that development of functional foods ingredients means “in the US we are producing whey with a cheese by-product”.

However, the company said it was held back in 2001 by its meat and foodservice businesses. Maloney did not rule out selling the meat business. He said that a new contract for the foodservice division would see it return to profitability in 2002.

Speaking to ConnectingDairy News, Maloney set out Glanbia’s targets for 2002. He said that the company is looking to further reduce its borrowings, which in 2001 dropped 17.5% to 242.6 million euro. He also said that the company is looking to increase its profit margin from 3.6% for 2001 to 4% for 2002.

In July, Glanbia will open a new lactoferrin plant in Idaho, USA. Maloney said that production at the plant would help the company post strong results for 2002.

With the results, Glanbia announced a dividend of 0.045 euro for 2001, up 5% on 2000.