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John Moloney, Glanbia’s Group Managing Director who is to retire by the end of 2013 with Siobhán Talbot, Group Finance Director, who has been appointed as his successor and as Group Managing Director Designate to facilitate a seamless transition.

The half year results published this week by Glanbia, highlights good operating and financial performance showing 13% revenue growth (8% volume growth and 5% price growth) with adjusted EPS recording 11% growth on a constant currency basis.

Global Performance Nutrition continued to outpace market growth rates delivering a 14% increase in revenue, Global Ingredients also delivered a good performance showing a revenue increased of 17%.

The full year outlook for the Group remains positive with forecast growth in adjusted EPS of between 8% and 10%, on a constant currency basis.

Commenting on the results, John Moloney, Group Managing Director, said the Group’s first half performance was driven by Global Performance Nutrition and Global Ingredients.

"These two business segments now represent over 70% of Group EBITA and are our core platforms for future growth. We expect little change in the external operating environment in the second half and with clear challenges remaining in Dairy Ireland, we are maintaining our 2013 full year guidance of adjusted earnings per share growth of between 8% and 10%, on a constant currency basis."

He said the recently announced management changes put in place an excellent team to continue to drive the business forward and to evolve the long term strategy that will deliver the next phase of growth.

"Overall, Glanbia is in a strong position to capitalise on its unique portfolio of global businesses, development opportunities and strong balance sheet.”

2013 half year report to June 29

This half year report is on the basis of the new organisational structure of the Group, announced in May 2013. This new structure reflects the fact that Glanbia has built two very significant platforms in nutritional products and solutions. The first platform is business-to-consumer high quality performance nutrition with the largest global sports nutrition brand portfolio. This business segment is called Global Performance Nutrition.

The second platform spans large-scale cheese manufacturing and value-added nutritional ingredient solutions. This business segment is called Global Ingredients and incorporates our US Cheese, Ingredient Technologies and Customised Premix Solutions businesses. The Group’s two other business segments are Dairy Ireland, comprising Agribusiness and Consumer Products, and Joint Ventures & Associates which encompasses the Group’s strategic cheese and dairy ingredients joint ventures.

Management changes

In May 2013, Glanbia announced that John Moloney, Group Managing Director since 2001, is to retire by the end of 2013. Siobhán Talbot, Group Finance Director, has been appointed as his successor and as Group Managing Director Designate to facilitate a seamless transition. Hugh McGuire has been appointed to the Board as an Executive Director with responsibility for Global Performance Nutrition. Brian Phelan has been appointed Chief Executive Officer of Global Ingredients, having been appointed to the Board on 1 January 2013.

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