International dairy group Glanbia has reported a 34% increase in full-year pre-tax profit to E99.5m (£76.4m) on sales up 19% at E2.2bn (£1.7bn).

The figures were boosted by the group's largest division, food ingredients and nutritionals, which “delivered good volumes, improvements in operational efficiency and solid growth in margins”.

However, in its consumer foods business, operating profit and sales both fell because of a “reduced” performance from its Irish division.

“Consumer Foods Ireland had a challenging year,” said Glanbia group MD John Moloney. “While revenues, profits and margins were stable in the first half of the year the lag in recovery of higher milk costs impacted performance in the nutritional beverages business in the second half of the year and for the full year overall.”