IAWS profits rise 26% to €34.8m

IAWS, the lifestyle food and agribusiness group, yesterday announced an increase of 26% in profits before tax and goodwill for the half year up to the end of January.

Profits rose to €34.8 million from €27.6 million for the same period last year. But the group said its food and nutrition agri divisions were affected by currency factors and by more challenging markets.

It said turnover growth including joint venture of four per cent to €599.7m does not reflect the strong growth achieved before movements in sterling and the US dollar against the Euro. The actual increase in total underlying turnover was 8%.