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Milk and cheese producer Glanbia said today its businesses were performing as it predicted in August, with full-year results seen in line with market expectations.

Glanbia, which ranks itself as Europe's biggest supplier of mozzarella cheese for pizzas, in August predicted a 14 to 15 per cent rise in full-year earnings.

Analysts expect Glanbia to report 2008 earnings per share of 35.4 cents before exceptional items, up from 28 cents last year.

"The changing global economic environment will have implications for consumer demand and in response to this ... the group is undertaking a significant rationalisation programme," Glanbia said in a trading statement.

The rationalisation programme will result in an exceptional cost estimated at €16 million this year, it added.
Shares in Glanbia traded 3.3 per cent weaker in Dublin by 2.53pm at €2.30. Its London shares were down 2.2 per cent.