Nutrition and dairy company Glanbia has reported an 11.2% rise in adjusted earnings for 2016.

The group had revenues of almost €3.7 billion and earned almost €350m during the period.

This morning Glanbia also announced an agreement with the Glanbia Co-Op, which would see its Irish consumer brands and agri-business become part of a joint venture between the two.

Discussions to sell Glanbia’s consumer brands to the co-op in 2010 failed, but commenting on the new entity, Glanbia CEO Siobhan Talbot said she thinks the landscape is now very different.

Ms Talbot said: “In 2012 Glanbia Co-Op and Glanbia PLC came together to form a very strong joint venture in Glanbia Ingredients Ireland, which is the largest dairy process.

“We’ve had a period of strong invest behind that business, a great period of growth, so what we’re really announcing this morning is a further deepening and broadening of that venture.”

She added that Glanbia is “very much a global nutrition organisation” and as such joint ventures have become much more prevalent.

Ms Talbot said the company’s performance nutrition business, which is one of the brightest stores in the Glanbia portfolio, has been “a great growth story for Glanbia”.

She added: “Now at over a billion (euro) of revenue and great margins, I believe it will be a great growth story for us into the future”.

On issues for the company brought about by currency, the Glanbia CEO said: “As a global organisation we are always managing things like currency so it’s not been a particular factor for us in 2016.

“We are operating really across 30 countries, our products are available in over 130 countries, so I think having that global reach has been very positive for us.”

On Brexit, Ms Talbot said: “I think it’s way too early to really conclude on any potential implications of Brexit.”

She said with the company’s global reach “we are always navigating things like political and economic uncertainty or indeed currency movements, so we’ll continue to keep a very watchful eye on that but wouldn’t be making any particular pronouncements at this early stage”.