Dublin, Jan 13 - Irish food group Glanbia said on Tuesday its 2008 adjusted earnings per share will grow by about 17 percent, in line with market expectations, and it targeted "market consensus" earnings growth for this year.
"In the context of the current unprecedented financial, dairy market and economic uncertainties we are very cautious at this early stage of the year, however, we remain focused on achieving the market consensus earnings growth for 2009," Group Managing Director John Moloney said in a statement.
To respond to the decline in diary markets and financial turmoil, Glanbia will cut costs, including a 16 million euro ($21.44 million) programme already announced, said Glanbia, which ranks itself as Europe's biggest supplier of mozzarella cheese for pizzas.