Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Nutrition group Glanbia maintained its dividend despite a sharp fall in first-half profit as margins were hurt by a pandemic-led hit to volumes.
For the six month period ended 4 July 2020, pre-tax profit fell to €58.4m from €91.7m on-year, while revenue increased 4.5% to €1.8bn.
The EBITA margin at 3.7% was 390 basis points lower than prior period reported, due to 'lower volumes and resulting negative operating leverage arising from the negative impact of Covid-19 restrictions, which resulted in the disruption of key sales channels during the height of the pandemic,' the company said.
The interim dividend was unchanged at 10.68 cent per share on-year.
Looking ahead, the company said that while the 'short term outlook remains uncertain, the board is confident that Glanbia has the portfolio, the consumer insight and the operational expertise to succeed in this new environment.'
At 9:28am: (LON:GLB) Glanbia PLC share price was -0.64p at 9.01p