Food group Glanbia says its expects to see revenues and operating profits growth in line with expectations.
In a trading update, the group said although the Irish consumer food market remains challenging, its overall operating environment remains positive due to improved global dairy markets and good demand across nutritional product sectors.
Glanbia said its Dairy Ireland division is having a mixed year. Irish dairy ingredients returned to profitability in the first half of 2010 and this business is expected to be strong ahead for the full year after a very difficult 2009.
But its consumer products division continues to have a tough 2010 as economic conditions and the trading environment in Ireland remain 'very difficult'. Agribusiness is forecast to be marginally ahead for the 12 month period.
Glanbia said operating profits for its US cheese and global nutritionals business is expected to be ahead of last year with an especially food performance by the global nutritionals division.
Glanbia said it is confident that it will achieve strong revenue and operating profit growth for the full year and it said it was keeping its adjusted earnings per share guidance of about 20% growth for 2010.
'Disciplined financial, operational and strategic execution across the business is delivering a strong recovery in performance this year,' the statement added.
Glanbia shares closed up 1.5%% to €3.30 in Dublin this evening.
