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Jul 31 2019, 07:10 IST/BST
Glanbia has pre-announced its interim results and lowered FY guidance. The warning centres on a revised outlook for its performance nutrition division (GPN) – primarily driven by non-US markets. The remaining segments, including recent M&A, are demonstrating positive operating momentum. We expect the equity to remain pressurised until evidence of a sustained rebuild in the GPN profit base emerges. We anticipate moving to the lower end of the new guidance range – which implies a c.10% downgrade to our FY forecasts.
Jul 31 2019, 07:10 IST/BST