Glanbia PLC expects strong 2007 results

Source: Food and Drink Digital

Date :08/01/2008 09:50:03

Glanbia plc, the international dairy foods ingredients group, has predicted that its adjusted earnings per share for 2007 will be at the higher end of market expectations.

In a trading statement today, the company said that this good performance has been driven by strong results from its food ingredients and global nutritionals departments. This included the full year impact of the acquisition of Seltzer, which took place in the summer of 2006 for £52 million.

On the other hand, Glanbia reported that consumer foods had a challenging year and will be behind 2006 performance, after being impacted by the time lag in recovering the significant price increases for raw material inputs.

John Moloney, Group Managing Director, commented:

"We are pleased with the strong performance in 2007, delivered as a consequence of the spread of businesses across the Group and a positive market environment. Whilst global dairy markets continue to evolve as we enter 2008, the outlook for Glanbia this year is positive.

"As a Group we are continuing to invest and focus on growth and innovation, combined with competitiveness and productivity, and Glanbia is well placed for sustained double digit growth going forward."

January 8, 2008