Half Year Trading Statement

RNS Number : 4110J

Glanbia PLC

30 June 2011

 



HALF YEAR TRADING STATEMENT

Strong first half result expected

30 June 2011 - Glanbia plc ('Glanbia'), the international nutritional solutions and cheese group, issues this trading statement for the first half of 2011, dating from 2 January to 30 June.

Historically, Glanbia has issued a scheduled trading statement in January and July. However, Glanbia has decided not to issue any further pre close trading statements after this announcement. The Group feels that it is more beneficial to enhance its Interim Management Statements, which are issued in May and November each year.

2011 first half overview

Glanbia has had a strong first half.  Organic volume growth has sustained in all Global Nutritionals' key market segments and good progress was made with the integration of BSN, acquired in January 2011. US Cheese is expected to deliver a satisfactory first half performance despite somewhat lower volumes than in the first half of 2010, due to continued competitive pressures in the milk procurement environment.

Positive global dairy markets and higher volumes have underpinned a good performance by Dairy Ingredients Ireland and supported a solid performance by Agribusiness. As outlined in the Interim Management Statement in May, the trading environment for the Group's Consumer Products business continues to be difficult as consumer sentiment remains weak and input cost pressures remain high.

Good performances are expected from the Group's key Joint Ventures.

2011 exceptional

Consumer Products continues to rationalise its business and work towards achieving a sustainable cost base that matches prevailing market conditions. This will give rise to an exceptional charge in the half year results of approximately €8 million.

2011 outlook

Glanbia expects to deliver a strong overall first half for 2011, and restates the 2011 full year adjusted EPS guidance of 11-13% growth, on a constant currency basis. The Group's half year results will be announced on 24 August 2011.

Ends

Cautionary statement

This announcement contains 'forward-looking statements'. These statements have been made by the directors in good faith based on the information available to them up to the time of their approval of this announcement. Due to the inherent uncertainties, including both economic and business risk factors, underlying such forward-looking information, actual results may differ from those expressed or implied by these forward-looking statements. Further no obligation is undertaken to update any forward-looking statements in this announcement.

For further information contact Glanbia plc on [phone]

Siobhan Talbot, Group Finance Director Geraldine Kearney, Group Corporate Communications Director + 353 87 231 9430

 

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