Glanbia Reiterates Guidance of Between 30 to 32 cents Adjusted EPS for 2009
During the first half the Group continued implementing a major rationalisation programme and remains very focused on delivering a strong operational and cost performance throughout the year.
15/07/09 Glanbia plc (Glanbia), the international cheese and nutritional ingredients Group, issues this half-yearly pre close trading statement. This statement is in conjunction with the revised earnings guidance announcement on 30 April and the Interim Management Statement of 13 May. Half-yearly results will be announced on Wednesday, 26 August 2009.
The first half of 2009 has been challenging for Glanbia. As previously announced continued volatility in global dairy markets has severely impacted the performance of Food Ingredients Ireland. As a consequence this business has become loss-making and is having a detrimental effect on the Group's performance for the half and full year.
During the first half the Group continued implementing a major rationalisation programme and remains very focused on delivering a strong operational and cost performance throughout the year. Overall, Glanbia's performance for the first half is broadly in line with expectations; however results will be significantly behind when compared with the first half of 2008.
The Consumer Foods business is performing reasonably well notwithstanding increased competitiveness in food retail markets and weak consumer confidence. As anticipated, revenues and profits are lower in Agribusiness, reflecting pressure on farm incomes.
As noted above the half-year loss in Food Ingredients Ireland will impact the overall performance of this Division. Food Ingredients USA is performing in line with expectations but, as previously noted, results will be behind when compared with a strong first half in 2008. The Nutritionals business is achieving strong organic growth and Optimum is on target for its forecast contribution. International joint ventures are performing satisfactorily.
