Glanbia reported a good performance for the first half of the year. The group saw earnings (EBITA) increase by 10.3% over the same period last year. Revenues increased 10.7% to €1,797m.

Global Performance nutrition continued to fuel the growth with revenues increasing 21.8% and an increase in profit margins of 110 basis points. Organic volume growth was up 19.6% while the Nutramino acquisition earlier this year grew 2.5%. EBITA increase 33.6%.

While global ingredients, which accounted for 33% of revenue last year, saw its revenue increase 10.7%. This was reflected by a 13.9% impact from higher pricing and 1.6% from the acquisition of a small specialty cheese plant in Idaho. This partially offset a decline in volumes of 4.8%. EBITA increase marginally in the period, and this was due to a challenging milk market in Idaho. EBITA margin declined 100 basis points in the period to 9.5%.

Dairy Ireland performance was behind last year, with revenues back 7.7% and EBITA down 13.2%. This was a result of lower agribusiness sales relative to the strong year last year driven by the poor weather and increased demand for fodder.

Stabilization was seen in consumer products.

Siobhán Talbot, Group Managing Director, said: “Glanbia had a good first half in 2014 resulting in a constant currency increase of 11.5% in adjusted earnings per share”.

She said “we continue to invest in our strategy of maximizing the value of our ingredients.

The group’s reiterated its guidance of constant currency EPS growth of between 8-10%.