It was against a backdrop of low oil prices, weak currencies against the dollar and a swell in milk production globally since 2014 that Glanbia Ingredients Ireland (GII) recorded a 23% rise in operating profits to €47.5m last year.

Despite sales volumes being up 3%, turnover was down 4% to €833m as a result of prices down 7% year on year. It processed a record 2.14bn litres, up 5.4% over 2015.