Last week Glanbia plc released full-year 2021 results. The mood music from the executives was positive.There was no major direct link to the Russia-Ukraine conflict, and the global nutrition part of the business that has the potential for higher returns was bouncing back.

The plc has effectively divested itself from any risk, or upside, to the Irish dairy business and two weeks ago it voted in favour of the deal which the co-op voted for last December, effectively the final hurdle on selling its 40% Glanbia Ireland stake.