Return To Profitability At Dairy Unit Could See Glanbia Split Negotiations Revived

Irish food group Glanbia has posted a sharp increased in half-year earnings following a return to profitability at its dairy ingredients unit Dairy Ireland. For the six months to July 3 2010, Glanbia's sales came in 9.7% year-on-year higher at EUR1.04bn, while net profit climbed by 58.8% to EUR48.6mn. The results come shortly after the firm failed to convince its shareholders to spin off the dairy unit as a separate business. However, the return to growth for this unit could help to revive this option, which BMI believes would put the firm in a position to achieve stronger earnings growth

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