Irish food group Glanbia said it is on track for a very strong first-half performance relative to 2009.
In a pre-close trading statement for the half-year ended 3 July, the firm said it has benefited from a sustained improvement in global dairy markets throughout the first six months of 2010.
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The marked improvement, Glanbia said today (14 July), is largely underpinned by a return to profitability in its Irish dairy ingredients division, which was loss making in the first half of 2009.
However, the consumer products division had a “very tough” first half in 2010.
“The Irish retail environment continues to be extremely competitive and operating margins in this business in the first half were impacted by higher milk costs and the effects of price reductions implemented at wholesale level in the second half of 2009,” Glanbia said.
Despite this, the firm’s US cheese and global nutritionals division experienced positive market trends for the period.
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By GlobalDataDemand for US cheese remains “robust”, Glanbia said, and markets were higher relative to 2009.
