Glanbia upgrades full-year forecast

GLANBIA has upgraded its full-year earnings forecasts for 2011 on the back of a strong first half performance driven by acquisitions and its Global Nutritionals business.

The Kilkenny-based dairy products group expects adjusted earnings per share, for 2011, to increase by between 18% and 20% on a constant currency basis.

This is significantly up on the group’s initial forecast of a growth scale of 11%-to-13%. Glanbia’s share price ended up by nearly 3% — or 12 cent — at €4.17, at the close of business yesterday.