IWP unchanged, AIB down in ISEQ morning trading

Shares in consumer care products company IWP are unchanged at 25 cent at 10.45am after the company released 2003 results this morning.

IWP recorded a group operating profit (before goodwill of €600,000) of €4m, up 60% from 2003's €2.5m.

The results include a pre-tax net exceptional charge of €11.4m, due to factors including the sale of the company's Canadian business and net asset write-downs.

In the results announced today, IWP said group net debt had been reduced by €20m to €77.1m.

However, sales revenue was down by €22.2m due to an adverse exchange conversion and the cessation of the loss-making Michael Harvey product range, IWP said this morning.

Other factors in the decline in sales revenue were a fall in wholesale sales in Poland offset by growth in fragrance brands, gifts and sales through the Drogerie Natura retail outlets.

In other news on the ISEQ this morning, busiest stocks included Bank of ireland (€10.73), Jurys Doyle Hotel Group (€10.45), Elan (€20.43) and C R H (€17.90).

Allied Irish Banks shares are down seven cent to €12.30, after the Irish Bank Officials Association called for speedy conclusion to the various investigations into overcharging of customers.

The call follows yesterday’s revelation that the bank was refunding €1.4m to 34,000 students and college graduates who were not given discounts that had been advertised as part of their accounts.