Food and nutritional group Glanbia has reported total group revenues of €2.88 billion on a constant currency basis for 2012, up 4.8% on the previous year.
Pre-tax earnings for the year were up over 9% to €198.8m, while the company also reported a 14.2% growth in adjusted earnings per share to just under 53 cent - ahead of expectations.
The company said its improved performance was driven by its global nutritionals division, where revenues were up by a fifth.
Glanbia's board is recommending a final dividend of 5.43 cents per share, bringing the total dividend for the year to 9.09 cents, up 10% on the 2011 dividend.
Glanbia's operations in Ireland underwent a complex restructuring last year with the creation of Glanbia Ingredients Ireland Limited - a joint venture between the plc and the co-op which saw the co-op's share in the PLC reduced to 41.3%.
The company said its prospects for this year are good, although it remains cautious given the global environment. It said that there some headwinds ahead with an uncertain global economic environment and a challenging Irish retail environment.
''We expect adjusted earnings per share growth, on a constant currency basis of between 8% and 10% for the year year,'' commented Glanbia's group managing director John Moloney.
He said the Irish dairy processing transaction facilitates a concentrated focus on its international growth and the longer-term prospects for Glanbia are very positive.
''We are in a stronger position that ever to drive the business forward and capitalise on our competitive advantage in both business to business and business to consumer nutritionals products and solutions,'' he added.
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Revenues at Glanbia's Dairy Ireland business edged 2.4% higher to €631m last year, while earnings before tax fell by 14.3% to €20.4m after a challenging year in both consumer products and agribusiness. It noted that during the year, the Yoplait Ireland franchise was sold back to Yoplait for €18m cash.
The company said the outlook for its consumer products remains challenging due to Irish economic conditions, ongoing price competition and volatile input costs. It said its agribusiness division is set to perform broadly in line with 2012 with the longer term outlook underpinned by the forecast increase in Irish milk production after the abolition of European milk quotas in 2015.
Glanbia said its US cheese and global nutritionals business saw revenues rising by 11% to €1.46 billion, while earnings jumped by 21% to €142.2m. It said the improvement came on the back of underlying organic volume growth of 6% and higher pricing.
The company said that revenues from its joint ventures and associates businesses dipped by 3.3% to €792.5m while earnings before tax dropped by 10.6% to €36.2m with global dairy markets weakening during the first half of the year, driven by substantial growth in global milk production.