Food group Glanbia said today it sees little sign of recovery in international markets for dairy products but it remains confident of meeting its growth target for 2002.
Speaking at the group’s A.G.M. in Kilkenny today, Mr John Moloney, group managing director, said that Glanbia was continuing to make progress to-date in 2002.
He said Glanbia’s US business continues to perform well and satisfactory performances are expected from consumer foods and agribusiness.
Glanbia has also made progress in addressing loss-making activities including the recent proposal to cease operations at its British cooked meats operation, Mr Moloney told shareholders.
"However, international dairy commodity markets continue to be very difficult and no recovery is envisaged for at least several months," he said.
"Overall, as matters currently stand, Glanbia expects to achieve a satisfactory full year trading performance," Mr Moloney concluded.