Glanbia PLC saw its total group sales grow by 8% for the first nine months of the year compared with the same period last year.

Siobhán Talbot, group managing director, said: “The performance was driven primarily by global performance nutrition, while global ingredients and our other businesses performed in line with expectations.”

Performance nutrition continued to drive the growth with revenues increasing 14% year to date compared with last year. Twelve per cent of this figure reflected volume growth, while 2% came from the acquisition of Nutramino, the Scandinavian energy drinks company. However, year-on-year growth rates slowed, as a result of volume declines following price increases put through in Q2.

Because of temporary milk supply issues in Idaho earlier this year, Global Ingredients saw its sales volumes decline 4%. Higher prices (up 15%) offset this, and overall revenues in this division increased by 11%. This was a feature for both the ingredient technologies and cheese subsidiaries. Margins declined in the period as base whey prices, which are a key driver of milk input costs, increased relative to high-end whey prices.

Dairy Ireland saw revenues fall 9%, with 7% due to volume decline and 2% from reduced prices.

Margins were ahead due to rationalisation. The company said it expects to incur exceptional costs of approximately €11m in 2014 and 2015 to complete these efficiency programmes.

Agribusiness revenues fell as better grass growth resulted in a significant decline in animal feed demand. However, performance is expected to be in line due to cost savings and rationalisation.

Even though year-on-year growth rates slowed, trading conditions are more supportive for the fourth quarter across the group. The group said its outlook for the full year is positive and it reiterated its guidance of 8% to 10% growth in adjusted earnings per share on a constant currency basis.