Those attending the AGM of Glanbia plc in the Newpark Hotel, Kilkenny on Tuesday were informed the Group had ‘an exceptional year’ in 2012.

Mr Liam Herlihy, Group chairman said an historic agreement between Glanbia Co-operative Society (the ‘Society’) and the Group, clarified Glanbia’s strategic approach to the expansion opportunity in milk processing in an era post EU milk quotas in 2015.

“A 60% (Society) and 40% (plc) partnership was formed in respect of the Group’s Irish dairy processing business, enabling Glanbia to allocate its resources, both human and capital, to the areas of highest growth potential. Elsewhere across the business we invested €115 million in a number of capital projects and a nutritionals’ acquisition that will enhance the Group’s future prospects.

“Glanbia also delivered record results in 2012, combining significant strategic development with an excellent financial and operating performance. Revenue, profits, margins and dividends all increased for the third consecutive year and adjusted earnings per share grew 22.1% to 56.56 cents,” the Group chairman said.

Mr Herlihy went on to say that the prospects for 2013 are good ‘as outlined in the Interim Management Statement on May 16’.

“Trading is in line with expectations and this trend is set to continue with growth driven by the US Cheese & Global Nutritionals segment and, in particular, Performance Nutrition. The 2013 outlook is reiterated with forecast adjusted earnings per share growth, on a constant currency basis, of between 8% and 10% for the full year.”

Speaking on a number of new appointments (see separate story), he referred to the present as ‘an exciting time for Glanbia’ with the the next generation of leadership stepping up as a result of effective succession planning. “We look forward to the future with confidence,” he concluded.