Glanbia considers further price hikes after delivering its highest ever annual earnings

In its financial results for last year, Glanbia said revenues jumped to €5.6bn, up more than 21% on a constant currency basis compared to 2021.

In addition to publishing its annual earnings today, Glanbia announced Leprino Foods will acquire full ownership of Glanbia Cheese, a leading mozzarella maker in Europe. Picture Dylan Vaughan

Nutrition giant Glanbia is poised to further increase prices for customers this year as it battles volume declines and inflationary pressures.

The company, which sells Optimum Nutrition protein powder, posted its "highest ever annual earnings" following price increases of 16.4% last year across products in its Glanbia Performance Nutrition division, despite volume declines of 3% driven mainly by lack of demand for its SlimFast drinks.