IAWS announce 23% rise in profits

IAWS Group, plc have announced an increase of 23% in pre tax profits for the six months up to January 31, 2005.

The group's profits were at €42.8m as compared to €34.8m for the same period in the previous year.

Total turnover including share of joint venture increased by 9% in the period, with underlying sales growth showing a 6% increase.

Underlying sales growth from food was 14% in the period compared with a 5% decrease in underlying sales from Nutrition/Agri.

The drivers of the strong food sales performance were Lifestyle Foods in Ireland and the UK, La Brea in the USA and the joint venture with Tim Hortons in Canada.

The principal factors impacting Nutrition/Agri turnover was lower commodity prices and lower feed ingredient volumes.

Total operating profit before goodwill increased by 20.4% to €48.6m from €40.3m.

The food division reported a 26% increase in profits before acquisitions.

Total profits from the food division were €41.3m compared with €31.4m last year.