Irish cheese maker Glanbia has said that it achieved a “strong” first half of 2011, underpinned by positive global dairy markets and higher volumes.
In a six-month trading update to 30 June published today (30 June), the firm said that organic volume growth was sustained in all the key market segments in which its global nutritionals business operates.
Go deeper with GlobalData
Glanbia said “good progress” was also made with the integration of US performance nutrition firm Bio-Engineered Supplements and Nutrition, which it acquired in January.
The company also highlighted a good performance by its Dairy Ingredients Ireland division, supported by “a solid performance” by its agribusiness unit.
However, it added: “As outlined in the interim management statement in May, the trading environment for the group’s consumer products business continues to be difficult as consumer sentiment remains weak and input cost pressures remain high.”
Meanwhile, despite “continued competitive pressures” in US milk procurement, Glanbia said that its US cheese division is expected to deliver a “satisfactory first-half performance”.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe firm said it expects to deliver a strong overall first half for 2011, and restates the 2011 full-year adjusted EPS guidance of 11% to 13% growth, on a constant currency basis.
The group’s half-year results will be published on 24 August.
