Glanbia issues upbeat interim statement

Food group Glanbia has today issued an interim management statement, full-year results "at the upper end of guidance".

Glanbia issues upbeat interim statement

Food group Glanbia has today issued an interim management statement, full-year results "at the upper end of guidance".

Commenting today, John Moloney, group managing director said: "The group continues to perform well driven by positive overall trends in global nutritionals and results broadly in line with expectations elsewhere in the business.

"We are confident that full-year results will be at the upper end of guidance, representing circa 10% growth in adjusted earnings per share on a constant-currency basis.

"2012 is expected to build on the excellent performance of Glanbia in the last two years and reflects both our successful international growth strategy and strong operational execution across the group.

"A key project this year has been reaching agreement on the proposed Irish dairy processing Joint Venture with Glanbia Co-operative Society, our majority shareholder.

"This transaction offers a new model for post quota growth for Glanbia milk suppliers and underpins a potential 60% expansion of our Irish dairy processing capacity. Voting to approve the transaction will take place in the coming weeks, with a strong 'yes' recommendation from the Glanbia board.

"I believe this is the best route to deliver the next phase of growth in both our Irish and international businesses and to create further value for shareholders, including Glanbia Co-operative Society."

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