While thumbing through the latest annual report from Glanbia, which has a female runner on its front cover, a surfer on page one and a cyclist on page 19, I was disappointed not to see a single photo of a farmer or a dairy cow.

On further reading, even though the 184-page report mentions the word “milk” 46 times, it refers to the cow only once. The word “sport” fares much better, getting 60 mentions.

I also noted that Glanbia has recently changed its website domain registration from Glanbia.ie to Glanbia.com.

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Is this all signaling a move away from its roots to becoming a US sports nutrition and ingredients company? Is a US stock market listing the likely next step?