Irish dairy and sports nutrition group Glanbia today (19 January) reiterated its belief that the company’s annual earnings will jump by around 20%.

Glanbia said it still sees its adjusted earnings per share rising by “circa 20%” for the year to 1 January after “strong” global dairy markets and “solid demand” in “key nutritional sectors” buoyed the company’s second half.

Glanbia said its Irish dairy arm enjoyed “good revenue growth” thanks to a stronger market for dairy ingredients, which also led to an improvement in profits from the division.

The company’s second major division, in which it incorporates its US cheese and global nutrition business, saw a “strong” US cheese market and growing volumes from its nutrition operations boost revenues.

Operating profit, however, was “comparable” to the year before as costs linked to the refurbishment of a cheese plant, higher milk premiums and a “sharp weakening” in US cheese prices hit earnings from the cheese unit.

Nevertheless, the trading update, as well Glanbia’s separate announcement of an acquisition of US nutrition business, sent the company’s shares in Dublin rising.

Glanbia’s stock stood at EUR4.14 at 14:30 GMT this afternoon, up 4.8% on the day.