Glanbia sees conditions improve

Cheese and nutritional ingredients group Glanbia is on course to make adjusted earnings per share of 30 to 31 cents, in line with expectations, and return to earnings growth in 2010.Last year was a difficult one, said the firm, with the downturn in global dairy markets in the first half, lower US cheese prices and a poor economic backdrop with weak consumer demand.But trading conditions improved somewhat in the later stages of 2009, with an uplift in global dairy and US cheese markets.It's not getting carried away though. 'Markets remain volatile and consumer sentiment is fragile. Glanbia board and management remain cautious at this early stage of the year but based on current economic and dairy market forecasts expect a return to earnings growth in 2010 in the order of 6% to 8%.'Results for the year ended 2 January are due in early March.