IAWS Co-op sees profits up by 166%

THE sale of property and shares helped hike up profits at the IAWS Co-op by 166% last year.

Accounts for the company show pre-tax profits for the 16 months to the end of last December were €65.5 million, compared with €24.9m in the year to end August 2003.

The company, in the final stages of acquiring the Bandon-based SWS Group, said the sale of a large chunk of its remaining stake in IAWS plc and the Bolands Mill property on Dublin’s Barrow Street boosted profits.