Glanbia said its performance continued strongly in the second half of the year, and reiterated its guidance that earnings per share would rise about 20 per cent this year.
However, there was mixed results for its Irish business.
“Although the Irish consumer food market continues to be challenging, the group's overall operating environment remains positive due to improved global dairy markets and good demand across key nutritional product sectors,” Glanbia said in a statement.
Its Irish dairy ingredients business returned to profit earlier this year, and Glanbia expects overall full year operating profit and margins for its Dairy Ireland unit to be “significantly” ahead of 2009, but its consumer products division is expected to be lower as economic conditions and the trading environment here lead to a “tough” 2010.
Its agribusiness operation is expected to marginally ahead for the full year
Glanbia said its US cheese and global nutritionals businesses are performing in line with expectations in the second half. Higher cheese markets have been offset by increased milk price premiums and the impact of a plant refurbishment in the first half of the year. Overall operating profit margin is expected to fall for the year but operating profit will be ahead of 2009.
The food group said it will have net debt of about €420 million at the end of the year.
Shares in the company were up 2.76 per cent to €3.34 on the Dublin market shortly after 12.30pm.
