Glanbia ‘could buy stressed rivals’

GLANBIA might be able to buy financially stressed Irish rivals this year according to NCB Stockbrokers, despite the Kilkenny-based company facing trading difficulties.

Yesterday, Glanbia issued a trading statement in which it re-iterated its profit warning of April 30, 2009.

“The group re-iterates again today that despite a particularly difficult first half and limited prospects for a recovery in global dairy markets until late in the year, or early next year, adjusted earnings per share guidance for 2009 remains between 30 and 32 cents for the full year,” the company said.