8th Jan 2008 07:00
Glanbia PLC08 January 2008 PRE CLOSE TRADING STATEMENT STRONG 2007 PERFORMANCE CONFIRMED OUTLOOK POSITIVE FOR 2008 8 January 2008 - Glanbia plc, the international dairy foods and nutritionalingredients Group, issues this trading statement for the full year ending 29December 2007. The 2007 results are expected to be announced on Wednesday, 5March 2008. Glanbia had a strong performance in 2007 with adjusted earnings per shareexpected to be at the upper end of market expectations. This very satisfactoryperformance is driven by strong results from Food Ingredients and globalNutritionals which included the full year impact of the Seltzer acquisition.Favourable market conditions including increased global demand for dairyproducts and strong organic growth in all segments of this division underpin the2007 results and an expected good performance in 2008. Consumer Foods had a challenging year and will be behind 2006 performance. Theliquid milk and chilled food sectors remain competitive and in 2007 wereimpacted by the time lag in recovering the significant price increases for rawmaterial inputs. Implemented and planned initiatives to recover the costincreases provide a solid base for improvement in 2008. The pigmeat businessperformed broadly in line with expectations, despite a serious fire at one ofits operations in August and tough markets worldwide. Agribusiness had a satisfactory performance in a competitive trading environmentand continues to reshape the business to meet the needs of a changing market.Property had a quieter year due to the timing of disposals. Whilst the performance of international joint ventures will be below 2006,primarily as a consequence of the time lag in recovering major price increasesfor raw materials, considerable progress was made in closing the price gapduring the second half of the year and a significant improvement in performancefrom these businesses, is anticipated during 2008. John Moloney, Group Managing Director, commented 'We are pleased with the strongperformance in 2007, delivered as a consequence of the spread of businessesacross the Group and a positive market environment. Whilst global dairy marketscontinue to evolve as we enter 2008, the outlook for Glanbia this year ispositive. As a Group we are continuing to invest and focus on growth andinnovation, combined with competitiveness and productivity, and Glanbia is wellplaced for sustained double digit growth going forward.' For further information contact: Glanbia plc +353 56 777 2200Geoff Meagher, Deputy Group Managing Director/Group Finance DirectorSiobhan Talbot, Deputy Group Finance DirectorGeraldine Kearney, Corporate Communications Director + 353 87 231 9430 Hogarth Partnership UK +44 207 357 9477John Olsen This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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