Glanbia have reported its seventh year of double digit growth, with operating profit of nearly $262.8m (€250m), up from $223.9m (€213m).

Its adjusted earnings per share are 87.66 cent, up 11.2 percent on the previous year, while its EBITA is calculated at $320.6m (€305.1m). It operating profit is reported at $259.5 (€247m).

Its best performer, performance nutrition, had an EBITA of $170.8 (€162.6m), a 20 percent increase on the previous year, whilst its nutritional business had an EBITA of ($117.4m) €111.8m, a 4.5 percent increase on the year before.

Glanbia has recommended a final dividend of 7.94 cent per share, an increase of 10 percent on the prior year, which returns almost $42m (€40m) to shareholders. Strong cash conversion with free cash flow of $326.6 (€311.0 million) was represented by 87.6% of EBITDA.

Commenting on the results, Siobhán Talbot, Group Managing Director, said: “I am pleased that Glanbia had a strong Group-wide performance in 2016 delivering our seventh year of double digit earnings growth coupled with strong cash conversion. It has been an exciting start to 2017 with a number of key strategic initiatives progressing which will shape the future direction of the Group.”

Talbot also added: “Today Glanbia is announcing that it has signed a non-binding memorandum of understanding for the sale of 60% of the Dairy Ireland segment to Glanbia Co-operative Society Limited. Also as recently announced Glanbia Performance Nutrition has made two acquisitions within the plant based nutrition category and direct to consumer channel further expanding our channel and consumer reach. In addition Glanbia is also in advanced discussions to form a new Joint Venture in the US to build a large scale cheese and whey facility. All of these initiatives demonstrate a desire to play to our strategic strengths and are aligned to our vision to be one of the world’s top performing nutrition companies.”