Dairy group Glanbia said today it is revising its 2010 earnings per share guidance due to a strong first half performance.
In an interim trading statement released this morning, Glanbia said its operating environment had improved considerably compared to the first half of 2009.
It said global dairy markets have substantially recovered from the downturn and that while the trading environment remains difficult in Ireland, consumer products and agribusiness were performing "satisfactorily."
The group said its cheese & global nutritionals business in the US are expected to deliver a good performance.
The proposed sale of Glanbia’s Irish dairy division to its 54 per cent shareholder, the Glanbia Co-op, was narrowly defeated yesterday by co-op members at a meeting in Kilkenny.
The deal, which had required a 75 per cent majority in order to be passed, was supported by 73 per cent of co-op members. The motion was defeated by 80 votes.
Some 8,000 farmer co-op members were entitled to vote in the ballot, but only 4,060 were at at Kildalton College, Piltown, Co Kilkenny, yesterday. Of these, 2,970 voted in favour of acquiring the Irish dairy and agri-businesses, while 1,097 voted against.