Irish food group Glanbia has upped its full-year earnings guidance as a result of improved trading and cost reductions.
In an interim management statement for the period from 3 January to 10 May, the firm said today (11 May) that it is “performing well” to date and is expecting to deliver a “strong” first half.
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“Glanbia’s operating environment has improved considerably, when compared to a very difficult first half in 2009. The group also continues to focus on strong cost management and implementation of an ongoing rationalisation programme to achieve sustainable cost competitiveness, particularly in the group’s Irish businesses,” the firm said in a statement.
As a result Glanbia said it now expects mid-teen earnings growth for the full-year.
The key drivers of a better outlook, the firm said, are a continued recovery in Irish Dairy Ingredients, a “good performance” by US Cheese & Global Nutritionals, and focused cost management and an “excellent” operating performance.
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