Food group Glanbia says that most aspects of the business are performing well in the second half of the year.
In an interim management statement, Glanbia said that it is confident of a strong full year outcome, despite the ''headwinds and global macroeconomic uncertainty'' it has to contend with.
Glanbia shares closed up 0.9% this evening at €4.41.
Glanbia's chief executive John Moloney said the company is expecting earnings to be at the upper end of previous guidance and said he predicted growth of about 20% in adjusted earnings per share for the full year.
''Global demand for dairy products had moderated somewhat in recent months but fundamentals remain robust,'' the company stated. It added that overall global dairy markets are expected to remain reasonably resilient for the rest of the year.
Revenue growth for the Irish dairy division for the ten months to the end of October was 23%. Glanbia said that after a very strong first half, the current trading environment is reflecting ''softer market prices and contracting milk supply in response to current EU production quota limits''.
The company added that its consumer products division continues to address the ''very challenging'' food retailing market conditions in Ireland and underlying revenues are predicted to be broadly flat.
Glanbia said its current rationalisation programme is delivering cost savings and productivity gains according to plan. It said it was expecting a yearly decline in the performance of its consumer products, while its agribusiness division is performing in line with expectations.
