Tough global dairy markets and lower demand has been blamed for a dramatic fall in turnover at Glanbia.

Total revenue at the Irish ingredients and cheese group fell 18.2% from 2.6m in 2008 to 2.1m in 2009. EBITDA fell from 191m to 176m.

In view of the market volatility it was a "solid financial performance", the company claimed.

Meanwhile a major Glanbia shareholder, Glanbia Co-operative Society, has made a bid to buy Glanbia's Dairy Ireland operations. Any deal would need to be approved by both society's members and Glanbia shareholders.