Glanbia’s profits fell by 16% to a five-year low last year, the company announced on Wednesday.

A difficult 2019 for Glanbia plc resulted in the double-digit fall in profits to €240m.

While Glanbia’s sales grew by 17% last year to reach €3.9bn, the company reported a 3% decline in its adjusted earnings per share to 88.1c per share.

This is the first time in almost a decade that Glanbia has reported a decline in earnings per share.

Glanbia’s Performance Nutrition division was the major drag on its 2019 performance. Once the jewel in the Glanbia crown, it saw a 20% fall in profits last year.

Glanbia managing director Siobhan Talbot said her number-one focus in 2020 would be to return Glanbia to growth and begin rebuilding profit margins.

Talbot also said that the outlook for milk prices in 2020 was positive but warned of the potential impact the coronavirus outbreak could have on consumer habits.

Despite the disappointing results, Glanbia’s share price lifted on Wednesday by 4% to close at €10.95.