Glanbia shares down almost 40pc this year
Shares in Glanbia are down almost 40pc this year as it struggles to restore investor confidence following revised earnings guidance.
Shares in the nutrition group are now trading at their lowest level in almost six years.
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Last month, in interim results that were rushed out a week earlier than scheduled, the Kilkenny-headquartered group said it expected to report adjusted earnings per share for 2019 in the range of 88-92 cent, a decline of between 3pc and 7pc on last year. The updated outlook is being driven by geopolitical and trade tensions, which impacted upon its global performance nutrition business outside of the United States, the group said.
The global performance nutrition division accounts for approximately 56pc of the group's earnings before interest and tax. In addition, Glanbia was affected by an acceleration in consumers in northern Europe shopping online.
Shares closed at €10.05 each yesterday, compared with a March 14 high of €19.38.