News Half-year figures
Corona affects the result of Irish partner A-ware
Despite slight sales growth, Irish Glanbia saw its gross profit fall by a quarter in the first half of 2020 to €85 million. Together with A-ware, the largest dairy cooperative in the country is going to build a new cheese factory on its own territory, for which the final green light was recently given.
Revenue rose 2,3% to €1,8 billion in the first quarter. However, due to the consequences of the corona crisis, gross profit fell by 25,4% to €85 million. Under the line, just under €70 million remained. The problems were particularly serious in the North American sales market, although there was some improvement towards the end of the second quarter.
Green light for construction of cheese factory
announced at the beginning of 2019 A-ware and Glanbia to jointly build a cheese factory in Belview, Ireland. This, somewhat surprising, collaboration involves an investment of €140 million. However, the construction of the factory was delayed due to objections from the An Taisce, an Irish NGO that stands up for the environment.
The action club claimed that the new cheese factory, which will process 450 million milk annually, would lead to the withdrawal of the Irish livestock with negative consequences for the environment as a result. However, at the beginning of July, the Irish judge dismissed the appeal, which means that construction can start.
Wouter Job
© DCA Market Intelligence. This market information is subject to copyright. It is not permitted to reproduce, distribute, disseminate or make the content available to third parties for compensation, in any form, without the express written permission of DCA Market Intelligence.
