Irish food group Glanbia has made a loss in the first half of the year, which it said today (14 July), is having a “detrimental” effect on the group’s performance.
“The first half of 2009 has been challenging for Glanbia. Continued volatility in global dairy markets has severely impacted the performance of food ingredients Ireland,” the company said.
Glanbia’s food ingredients USA division is performing in line with expectations but the company said its results will be lower when compared with a strong first half in 2008.
The company’s nutritionals business is achieving strong organic growth and its optimum division is on target for its forecast contribution.
International joint ventures are performing “satisfactorily”, Glanbia, Europe’s largest supplier of mozzarella cheese, said.
The company 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 EUR0.30-0.32 for the full year.