Food group Glanbia said its results would be at the upper end of predictions and backed approval of a plan to hive off its Irish dairy business as part of a joint venture with co-op members.
In an interim management statement yesterday it said it was expecting adjusted earnings per share to grow by 10 per cent on a constant currency basis this year, with positive trends in the global nutritionals business driving performance.
Total group revenue rose slightly in the nine months to September 29th, held back by a decline in revenue in the Dairy Ireland business.
Operating profit and margins were also ahead 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.
Other sectors, including consumer products and agribusiness, were in line with expectations. Glanbia’s global nutritionals business grew 20 per cent in the nine-month period.
In the performance nutrition and customised premix solutions businesses, volume increased.
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