There was no big surprise in the annual results release by Glanbia on Wednesday – yet their detail reveals how the pandemic has accelerated change in the business’s structure with high-tech consumer-facing brands taking a hammering, while B2B ingredients and the old cheese workhorse allowed damage limitation. At group level, revenue remained static at €3.8 billion in 2020. Earnings, reported by Glanbia as before interest, tax and amortisation (EBITA), took a beating after recovery in the second half of last year failed to make up for the onset of Covid-19 in a catastrophic second quarter. Glanbia saw its EBITA margin…

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