Glanbia Said It Expects Full-Year Profits to Come in at The Upper End of Its Guidance

Irish food group Glanbia said today (7 November) it expects full-year profits to come in at the upper end of its guidance.

In an interim management statement, Glanbia said that earnings per share, excluding currency exchange, are expected to grow about 10% this year.

In the first nine months, Glanbia revealed that group revenue, operating profit and margins were up on the comparable period of last year.

"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," managing director John Moloney said.

The company said gains over the nine-months to 29 September were dented by a decline in revenue from its Irish dairy business, which were down 4%. However, Glanbia said it anticipates a "solid" full-year performance from the unit and insisted that its plan to form a joint venture with its majority shareholder, Glanbia Co-operative Society, was "key" to "deliver the next phase of growth".

Glanbia's global nutritionals business grew revenues by 20% in the nine-month period, boosted by price increases. The US cheese and global nutritionals grew by 9%, as lower cheese prices partially offset volume gains.

Other sectors, such as consumer products and agribusiness, booked results in line with expectations, Glanbia said.