Glanbia maintains 2011 forecasts

Food group Glanbia said today it has had a strong first half and maintained its earnings forecast for the year.

The group said it expects adjusted earnings per share to grow by 11 per cent to 13 per cent in 2011.

In a trading update, Glanbia said it had seen continued growth in its nutritionals markets while its Daily Ingredients Ireland division had delivered a "good" performance.

The group also said its agribusiness performance had been "solid."

Glanbia said its US cheese business was expected to deliver a satisfactory performance despite lower volumes due to competitive pressures.

The food group said that its consumer products business continued to be difficult as consumer sentiment remains weak and input cost pressures remain high. It also said it would take an an exceptional charge of about €8 million in its first-half results due to measures undertaken to reduce costs in the division.