Profits soar at Glanbia, the Irish food group

The company produces mozzarella in County Armagh

Irish-based food group Glanbia has reported a sharp increase in pre-tax profits for the first half of this year.

It showed a pre-tax profit of 60.2m euros, up more than 58% from a year earlier, as revenues grew by almost 10% to over 1bn euros.

The firm's businesses include a cheese-making operation at Magheralin in County Armagh.

The group's Irish dairy ingredients business returned to profit.

It said there was also a good performance by its global nutritionals arm.

Managing director John Moloney said the group was now expected earnings per share to grow by around 20% for the full year.