Glanbia (GLB) has reported a “strong” first-half performance driven by its performance nutrition division despite the ”challenging” dairy market.

Revenues in the six months to 2 July nudged up 0.2% to €1.4bn (£1.2bn), driven by a rise of more than €50m in the performance nutrition business to more than €500m – a rise of 12%.

Dairy sales fell 3.3% to €356.9m despite a 1.1% rise in volumes as prices declined 4.9%.

Performance nutrition sales were up 35% to €81.7m, nutritionals fell 4% to €58m and dairy Ireland was in line with expectations, up 1.1% to €17.7m.

Earnings before interest, tax and amortisation rose 13.7% in the half to €157.4m.

MD Siobhán Talbot said: “Glanbia delivered a strong performance in the first six months of 2016 driven by Glanbia performance nutrition. Sales of performance nutrition brands and value-added nutritional ingredients showed good growth in the first half of 2016 delivering on our vision to be a leading nutrition business.

“Global dairy markets remain weak and continue to be a challenge for parts of the business, however, the diversity of the Glanbia portfolio has enabled us to navigate this and we reiterate guidance for the full year of adjusted earnings per share growth of 8% to 10% on a constant currency basis.”

Glanbia shares were up 2.6% to €17.95 by close of trading. The shares are up 10.7% over the past three months.

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