Poor first-half profits will not push IWP down private road

IWP boss Joe Moran says he is not planning to take the company private despite its continuing struggle to define itself.

His comments followed a plunge in first half profits from €13.5 million to 7m before tax and exceptional items.

When the write offs, following disposal of the household products group and other cost cutting, are included the group is left with a massive €61.8m loss after tax against a first-half profit of €1.58m for the same period in 2001.