Analysts are set to trim their full-year earnings forecasts for C&C on the back of a mixed first-quarter trading update from the drinks group, which pointed to a slow start in its key markets of Ireland and Scotland.

Drinks group C&C has declined to comment on reports linking it to a £200m (€276m) takeover of UK distribution and wholesale business Matthew Clark.

Drinks group C&C has written down the value of its US operations by €150m on the back of another challenging year in the region.

Glanbia has exited its consumer dairy products joint venture in Nigeria to reinvest in its core areas of performance nutrition and ingredients.

Irish-Swiss baked foods business Aryzta is using the €400m or so it will get from the near halving of its stake in Dublin-based agri-services business, Origin Enterprises to acquire a 49% stake in French speciality premium food business Picard.

Total Produce positive as revenue and pre-tax profits dip

Kerry Group is to invest much of its capital resources into driving organic growth this year but has said its acquisition pipeline remains strong, with an estimated €1bn available to spend.

Irish convenience foods producer, Greencore is on course to meet financial targets this year, having seen group revenues rise over 4% in the first quarter of its current financial year.

Greencore’s first production facility on the west coast of the US could nudge overall long-term annual revenue capability from its American operations up to almost $700 million (€563m).

Glanbia has defended itself against claims it used Luxembourg-based subsidiaries to lower its Irish tax bill, saying it had an effective corporate tax rate of 17% last year on its global earnings, with the majority of payments made to the Irish exchequer.

Diversified food group, Glanbia has maintained its full-year guidance for 8%-10% adjusted earnings per share growth on the back of a strong trading performance for the first nine months of the year.

Irish-Swiss baked goods producer, Aryzta has strengthened its presence in Scandinavia, via the acquisition of Danish firm, Mette Munk for an estimated €50m.

Bakery group Aryzta has said that consolidation opportunities to extend its market share continue to exist, although financial discipline and strong cash generation will remain its key strategies.

Irish-Swiss bakery giant Aryzta is set to further expand its US operations by acquiring flatbread specialist Pitapan in what is widely being viewed as a modest bolt-on buy.

Glanbia MD designate Siobhan Talbot will be the first female head of an Irish plc with a turnover in excess of €2bn and given John Moloney’s impressive record, the Kilkenny woman has a tough act to follow, writes Kyran FitzGerald

There is a stockbrokers consensus that Glanbia is on the up, following a strong set of figuresreported despite of the weak economic climate.

The Irish-Swiss baked food group Aryzta has moved to substantially transform its European manufacturing business with the €280m acquisition of German bakery company Klemme.

Dublin-based fruit retailer Total Produce has agreed to buy up to 65% of Canada’s Grandview Ventures over four years for €32m.

Market analysts have concurred with Glanbia’s view that a successful international growth strategy, coupled with the likely spinoff of its Irish dairy business to co-op members, will see a growth in its annual adjusted earnings per share.

Fruit distributor Fyffes has reported earnings growth of over 10% for 2011, with revenue for the year up by 14.5%.

SPECIALITY baker Aryzta confirmed its full-year profit goal and reported food sales grew 9.6% in its first quarter, as acquisitions in Britain and Canada helped compensate for weak consumer spending, particularly in Europe.

AGRI-services group Origin Enterprises has delivered 10% underlying growth in revenue in the first quarter pushing shares ahead by 3.7% yesterday.

UNIQ — the British convenience food group about to be taken over by Greencore — has reported a significant return to profit for the first half of 2011.

BUDGET retailer Penneys says that clothing prices will not rise despite the soaring cost of cotton.

KERRY Group has signed a contract to sell its Limerick -based Dawn liquid milk business to the Kilkenny- based Glanbia Group in a deal understood to be worth about €10 million.

BROKERS are trying hard to link Kerry Group with Quorn, the branded non-meat subsidiary of British group Premier.

KERRY Group’s investor day in London was the best supported ever according to reports yesterday.

C&C is to sell its Tullamore Dew-led spirits division for €300 million – a full €100m more than broker estimates of the unit’s value.

KERRY Group yesterday described a report that it is considering making a bid for Newmarket Co-op as purely speculative.

DRINKS group C&C has reported a 9% year-on-year drop in third quarter revenue; driven by sales declines in its core cider business.

FALLING demand in Ireland and Britain reduced sales at Aryzta by 8.4%, worse than analyst expectations.

C&C has set September 25 as the date for the EGM, at which the group’s shareholders will vote on its proposed acquisition of Tennent’s Lager and the other assets within the Irish, Northern Irish and Scottish division of the Anheuser Busch-InBev brewing giant.

SALES of C&C’s Magners cider at British stores has increased this summer despite a lack of sunshine.

GLANBIA’S Irish milk processing division will lose €14m this year – an unprecedented poor performance and ultimately unsustainable, according to food industry analyst Liam Igoe of Goodbody Stockbrokers.

PZ CUSSONS, Glanbia’s joint venture partner in Nigeria under the Nutricima name, says the business will be in profit in its current half-year which ends in May 2009.

INCREASED competition and weak consumer demand for cider means drinks’ group C&C will report operating profit that will miss analysts estimates for the full year.

STOCKBROKERS have predicted a recession setback for 2009 food company earnings, ranging from 2.5% at Kerry Group to 16.1% at Greencore.

THE world’s biggest sandwich maker, Greencore, felt the impact of its €21 million profit write-down in its share price yesterday.

ORIGIN Enterprises, the Irish agribusiness and food company controlled by IAWS will submit its first multi-million euro planning application for a mixed-use development in Cork’s Docklands over the coming months.

MAGNERS cider, owned by Clonmel-based C&C, lost further market share and distribution last month in Britain.

IN A mixed year for the Irish food sector there were standout moments, some good and some bad.

OF the $561 million IAWS is paying to acquire Otis Spunkmeyer, close to $196m is in acquired debt.

PEOPLE will today sweeten their traditional St Patrick’s Day cuppas with spoonfuls of Irish sugar.