Irish food and dairy group Glanbia is likely to meet full year earnings expectations despite tougher trading conditions, its managing director said this week.

Speaking at the group's agm in Kilkenny, Ireland John Moloney said that, based on current trading conditions, full year performance will be "in line with expectations".

"Trading conditions continue to be particularly tough in international dairy markets where a strengthening euro has offset the benefits of some recovery in prices," Moloney said, adding that currency fluctuations will be an important factor going forward.

The Glanbia statement comes in the the same week as the Irish Dairy Board reports satisfactory financial results for 2002.