IAWS profits up by 17%, US joint ventures double earnings

IAWS Group plc, the food giant that owns Cuisine de France, reports pre-tax profits of 17% (€82.2m) after strong performances by its Tim Hortons joint ventures in North America.

The group supplies 1,950 of its 2,400 restaurants. Joint ventures contributions were more than double at €9.97m.

Share dividends were up by 15% to 9.03 cent per share.

Its "core lifestyle" food operations in Ireland and Britain performed well, while its New Jersey La Brea manufacturing facility had strong sales growth, and the group's agri/nutrition business performed satisfactorily under difficult market conditions.

In Ireland, Shamrock foods had a good year, and benefited from its agency business and growth of the Roma foods business.

The group also announced the pending appointment in October of Philip Lynch as non-executive Chairman to succeed James Moloney who retires.

Owen Killian, currently Chief Operations Officer will be appointed Chief Executive from October 1.