Glanbia reports tough trading conditions

Foods group Glanbia has reported tougher trading conditions in international dairy markets because of the strength of the euro.

The company says it expects full year results to be in line with expectations.

John Moloney, Group Managing Director, Glanbia plc, gave a review of performance for shareholders at the Company’s Annual General Meeting, held in Kilkenny today, May 20 2003.

In his outlook, Mr Moloney stated that, based on current trading conditions, Glanbia believes that full year performance will be in line with expectations.

Trading conditions continue to be particularly tough in international dairy markets where a strengthening euro has offset the benefits of some recovery in prices.

Glanbia said currency fluctuations will be an important factor going forward.