The results released by Glanbia plc for 2010 are ahead of expectations with a 24 per cent increase in adjusted earnings per share
And predictions bring further good news of an expected increase from 11 per cent to 13 per cent adjusted earnings per share growth in 2011
Improved global dairy markets and good demand in key nutritional markets underpinned an excellent year.
Dairy Ingredients Ireland returned to profitability, after a first time loss in 2009; and strategic cost management programmes in Ireland delivered targeted annualised savings.
John Moloney, group managing director, said, “Glanbia had an excellent year with results ahead of expectations. The Group benefited from strong organic revenue growth in our three nutritionals’ businesses, a return to profitability in Dairy Ingredients Ireland and the delivery of our strategic cost reduction programmes in Ireland. We delivered strong revenue and earnings growth and our 2010 performance reflects the strength and diversity of our businesses.
“The group is well positioned for 2011. Our current expectation is that the trading environment for 2011 will be broadly positive. Global dairy markets are expected to remain firm, underpinned by robust demand, particularly from Asia, and demand-led growth in key nutritionals sectors.
“In January we acquired BSN, a leading US sports nutrition business which is an excellent strategic fit with our Performance Nutrition business.
“For 2011, given our strong market positions and growing portfolio, we are forecasting 11 per cent to 13 per cent growth in adjusted earnings per share, on a constant currency basis.
