The value of stock market-listed Glanbia dropped by €550m as its shares plunged by almost 16% after the Irish international food giant warned its sales outlook for the rest of the year had in part been ensnared by the global trade wars.

Glanbia has published its financial results which have signalled a 'disappointing first half' of the year.

Shares in Glanbia fell over 8%, bringing their losses to 12% in the last year, despite the foods firm saying it is on course to secure its earnings goal and pointing to a less threatening foreign currency “headwind” from its US operations.

Glanbia shares slid 7.5%, stripping around €300m from its market value, as investors showed disappointment at the company’s 2018 earnings outlook, despite it unveiling 2017 figures which showed an eighth successive year of strong growth.

Glanbia is on course to deliver on its 7%-10% growth forecast for 2017, with revenues for the year to September 6.6% higher than this time last year.