Irish dairy giant, Glanbia, is on track to meet its 2013 expectations after a “solid performance” in the first four months of the year.
In an interim management statement issued yesterday, the Kilkenny-based dairy processor reported a 9% increase in revenue for the four months ended 27 April 2013. It has attributed the result to growth in its US Cheese & Global Nutritionals business.
“Overall the Group delivered a solid performance in the first four months of 2013,” said Glanbia managing director, John Moloney.
“Trading is in line with expectations and we expect this trend to continue with growth driven by our US Cheese & Global Nutritionals segment and, in particular, Performance Nutrition.”
Moloney added, however, that conditions in the company’s core market, Ireland, remained challenging throughout the first third of the year.
“However, in parts of our portfolio there are some challenges, as indicated in our full year 2012 results, with market conditions expected to lead to lower year-on-year performances in Ingredient Technologies and Consumer Products. We expect first half earnings growth to be stronger than the second half due primarily to the timing of market movements,” he said.