Irish cheese maker Glanbia recorded a decrease in net profit during 2010 after a 2009 revision to its pension plans fell out of earnings this year.

The company said today (2 March) that net income for the year ended 1 January reached EUR108.6m (US$150.2m) against EUR113.1m in the same period of 2009.

For the year, revenue was up 18.4% to EUR2.2bn, while operating profit before exceptional items was up 22.8% to reach EUR136m.

Group managing director John Moloney said that Glanbia had an “excellent year with results ahead of expectations”. The company, he said, benefited from “strong revenue growth” in its three nutritionals businesses, a “return to profitability” from its dairy ingredients business in Ireland and the “delivery of our strategic cost reduction programmes” in its domestic market.

Glanbia said that overall global dairy markets were “positive for most of 2010” and that in the first-half global milk supply “lagged growing milk demand, which was driven by emerging markets”. 

The group, which recently acquired US sports nutrition business BSN, affirmed its 11% to 13% growth in adjusted earnings per share for 2011.

Shares in the manufacturer were down 2.3% to EUR4.2 a share at 10:30 GMT.

Click here for the group’s full earnings statement.