Dublin, March 7 - Irish food group Glanbia Plc posted a slightly better than expected 8 percent rise in full-year 2006 earnings on Wednesday and said it was on track to deliver double-digit earnings growth in 2007.
Underlying earnings per share (EPS), which exclude any one-off items, rose to 22.6 cents last year from 20.9 cents in 2005. Analysts had forecast EPS of 22.2 cents according to the average of five forecasts compiled by Reuters Estimates.
Revenues for 2006 rose 1 percent to 1.853 billion euros ($2.43 billion) from 1.830 billion in 2005. Analysts had forecast 2006 revenues of 1.862 billion euros.
The Kilkenny-based company also promised the acceleration in growth in 2007 that analysts are expecting thanks to new investments.
" Glanbia is on target to deliver double digit earnings growth in 2007 and we believe the outlook is positive for sustained high growth," John Moloney, group managing director, said in a statement.
He also said the California-based nutrients maker Seltzer Companies Inc. that Glanbia bought in 2006 was performing ahead of expectations.
Glanbia has also invested recently in cheese making in the United States and in dairy product processing in the West African country of Nigeria.
Shares in Glanbia touched a nine-year high of 3.70 euros in late January, but have since slipped in a global market decline to close at 3.50 euros on Tuesday. They have risen more than 40 percent over the past six months.
The company is valued at around 1 billion euros.