An earnings statement from Glanbia has confirmed it could see earnings growth of up to 20 percent in this financial year if the dollar remains at its current relatively high levels versus the euro - on a constant currency basis earnings growth is likely to be close to between 9 to 11 percent.

The performance nutrition and ingredients group wholly owned revenue was up by 10.5 percent in the three months to April 4th - on a constant currency basis wholly owned revenue declined by 3.6 percent when compared to the same period in 2014.

The group experienced a pricing decline of 10 percent as a result of lower market prices for US cheese and dairy ingredients.

Total revenue including joint ventures and associates fell by 3.7 percent on a reported basis - but this was down by 8.8 percent on a constant currency basis.

Commenting today, Siobhán Talbot, group managing director said:

"Glanbia delivered a solid performance in the first three months of 2015. On a reported basis performance benefited from the positive translation effect of a strong US dollar while on a constant currency basis the Group delivered a satisfactory performance against a high comparator in 2014."