Solid results see Glanbia share earnings rise 20pc
Glanbia has increased its expected earnings per share by 20pc on the back of solid results from the group.
While results from their Irish consumer products division are expected to slip when compared to last year, the dairy ingredients side of the business has returned to profitability.
Agribusiness is forecast to be marginally ahead for the full year. Overall, full-year operating profit and margins for the group's Irish dairy operations are forecast to be significantly ahead of last year.
Glanbia's US cheese and nutritional businesses had a good first half and these businesses are performing in line with expectations in the second half.
However, the benefit of higher cheese markets has been offset by the impact of a plant refurbishment and higher milk price prices. This is expected to hit the profitability of the US division.
Their joint ventures with cheese plants in the US and Britain continue to have a good year. At current exchange rates, the company is forecasting a year-end net debt of around €420m.