Glanbia saw sales increase 3.7% for the first nine months of the year driven by a 6.7% increase in volumes, while pricing fell 4.1% mainly as a result of lower dairy markets.

Revenues at its largest division (Performance Nutrition) increased 4.7%, driven by a 6.7% increase in volumes. Prices declined 4.4%. The company said the decline in price was a result of “re-investment of input cost savings in the brand and foreign exchange headwinds”.

It also said that the US market, for certain performance nutrition categories remains competitive. It said the full-year outlook is “good” for performance nutrition and expected margins to be broadly in line with 2017.

Its joint ventures, which include Glanbia Ireland and Southwest Cheese, saw 8.4% volume growth. Prices declined 3.4% due to lower dairy markets. It said margins were likely to be lower in the joint ventures due to the lag between dairy market price movement and milk input costs. It expects a reduced share of profit in the full year compared to 2017. Glanbia recently announced the acquisition of weight management brand SlimFast for $350m. Shares in Glanbia closed at €15.26 on Tuesday, 8% lower than this time last year.