A strong performance continued in the second half of the year when Glanbia saw approximately 20 per cent growth in adjusted earnings per share guidance for the full year.
In a statement following an excellent first half, Glanbia plc, the international nutritional ingredients and cheese group, said it continues to deliver a strong performance year to date.
“Although the Irish consumer food market continues to be challenging, the group’s overall operating environment remains positive due to improved global dairy markets and good demand across key nutritional product sectors,” the statement said. “For the full year the group expects to achieve revenue and operating profit growth in line with expectations.”
Things are looking up for the company after last year’s disappointing performance. “As indicated at the half year Dairy Ireland is having a mixed year,” said the Glanbia statement. “Against the backdrop of improving dairy market conditions and strategic cost reductions, Irish Dairy Ingredients returned to profitability in the first half and this business is expected to be strongly ahead for the full year after a very difficult 2009. Overall full year operating profit and margins for Dairy Ireland are forecast to be significantly ahead of 2009.”
US Cheese and global nutritionals are expected to have a good year, according to Glanbia, especially global nutritionals which continues to achieve further good volume performance across its key market sectors, in the context of strong 2009 results. “Disciplined financial, operational, and strategic execution across the business is delivering a strong recovery in performance this year,” the statement said.
Glanbia is confident it will achieve strong revenue and operating profit growth for the full year.
