Glanbia expecting strong H1 performance

Nutritional and cheese group Glanbia in a trading statement issued today for the half year ended July 3 said it was on track for a "very strong" first half performance relative to 2009.

The group said a "marked improvement" in its half-yearly performance is largely underpinned by a return to profitability of Irish Dairy Ingredients, which was loss making in the first half of 2009.

"This business has benefited from a sustained improvement in global dairy markets throughout the first six months of 2010," the statement said.

However its Consumer Products division had a "very tough" first half in 2010, with the Irish retail environment continuing to be extremely competitive.

Glanbia reported positive market trends in its US Cheese and international businesses.

It said it was currently trading in line with expectations. First half results will be announced on August 25.