Glanbia having 'strong' first half

Food and ingredients group Glanbia today told shareholders at its AGM in Kilkenny that it was having a "strong" first half.

"The recovery in global dairy markets has led to a significant improvement in the Group's operating environment and the benefits of an ongoing rationalisation programme and strong cost managements are flowing through," the company said in a statement.

In its recent Interim Management Statement, the Group upgraded the outlook for the full year, revising 2010 adjusted earnings per share guidance to mid-teens earnings growth.

Chairman Liam Herlihy expressed disappointment that the recent proposal to hive off the group's Irish Dairy and Agri businesses had failed, after less than the required majority of farmer members voted in favour of converting it into a farmer-owned co-operative.

Mr Herlihy said that while the 73% vote by members of the Society in favour of the proposal was "very strong", it did not reach the 75% threshold required under the Society's rules.

"The Board and Management are fully committed to driving Glanbia forward for the benefit of all stakeholders and look forward with confidence to a strong outlook for 2010," he added.