The State's largest dairy group Glanbia said it sees an improvement in 2001compared with results for last year released today.
The group reported a profit before tax and exceptionals for the year of euro 53.69 million, down from euro 58.51 million in 1999 but it said strong trading in the second half offset the slow first half and this strengthening had continued into 2001.
The group also said the overall result was affected by losses in the UK food service and UK consumer meats but a recovery is now under way.
"Glanbia has made good progress in the second half of 2000 with profits 25 per cent ahead of the same period in 1999," said group managing director Mr Ned Sullivan.
Mr Sullivan is to retire as managing director on June 30th. He will be succeeded by Mr John Moloney, who is chief operating officer.
Sullivan said improved results across the rest of the group largely offset the impact of difficulties in the British food service and consumer meats businesses.
After exceptionals the group made a profit before tax of euro 79.53 million for the year which compared with a loss of euro 34.77 million in 1999.
Turnover of continuing operations grew by 3.3 per cent to euro 2.401 billion from euro 2.324 billion.
Group turnover declined by 4.1 per cent from euro 2.503 billion in 1999. This mainly reflected the disposal of the UK liquid milk and Irish beef operations in mid-1999, the sale of the Irish sheepmeat operations in Camolin, Co Wexford in June 2000 and the effect of the Glanbia Cheese joint venture with Leprino Foods which started in August 2000.
The board recommended a final dividend of 2.539 cents giving a total dividend of 4.317 cents, which compares with 7.11 cents for 1999.
The financial impact of foot-and-mouth to date is not material, it said. But it added the situation is changing daily and at this stage it is not possible toquantify the future financial impact, if any, on the group in this year.
AFP