Food group Glanbia has said that it is performing well so far this year and is expected to deliver a strong first half result.
In an interim management statement released ahead of its AGM in Kilkenny today, the company says that positive underlying trends in global dairy and nutritionals sector seen in 2010 have continued this year.
Glanbia says its dairy Ireland division is expected to be ahead in the first half of 2011 compared to the previous year. But it added that the trading environment for consumer products remains difficult with input costs remaining high.
'As a result, this business is focusing on continued rationalisation of its cost base and achieving selected price increases at wholesale level,' the statement says.
Glanbia said that its agri-business division is having a sold first half, while there has been some weakening in market outlook in recent weeks in its dairy ingredients Ireland unit.
Its US cheese and global nutritionals division is also expected to be ahead in the first half of this year compared to the same time last year.
'Glanbia expects to deliver a strong overall first half result for 2011 and reiterates the 2011 full year adjusted earnings per share growth of 11-13%,' the statement concludes.
