Good group Glanbia says its adjusted earnings per share growth for 2008 should be about 17% - in line with market expectations.
In a trading update, the company added that it had a 'good performance' in 2008 with all of its businesses, except its Irish food ingredients unit, performing in line or better than expectations.
Glanbia said its food ingredients Ireland division was significantly hit by the steep decline in world dairy prices and as a result the imbalance between market pricing and raw material costs.
Glanbia says that world dairy markets are increasingly volatile, with prices continuing to decline. 'The difficult trading conditions, with lower world dairy demand, reflects the impact of the current global current economic and financial crisis,' the company said.
'2009 is set to be a very challenging year given the severe impact of the ongoing economic and financial turmoil on both developed and emerging economies,' commented Glanbia's Group Managing Director John Moloney.
'In the context of the current unprecedented financial, dairy market and economic uncertainties we are very cautious at this early stage of the year, however, we remain focused on achieving the market consensus earnings growth for 2009,' he added.
The food group said its €16m rationalisation programme - which has included job cuts at its milk business and the sell-off of its pigmeats business - continues.
Shares in Glanbia closed down 19 cent at €2.69 in Dublin.
