Glanbia makes loss in first half of 2009
Food group Glanbia has made in a loss in the first half of this year, the company revealed this morning.
“Continued volatility in global dairy markets has severely impacted the performance of Food Ingredients Ireland,” said a statement from the company.
“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.”
The company’s Food Ingredients USA is performing in line with expectations but, the company cautioned that 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,” the company said. “International joint ventures are performing satisfactorily.”
Glanbia predicted limited prospects for a recovery in global dairy markets until late in the year, or early next year, and predicted adjusted earnings per share guidance for 2009 to remain between 30-32 cents for the full year.
