IAWS profits rise 26% to €34.8m
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%.
The interim results, which were in line with market expectations, were described by Paul Meade, NCB Stockbrokers, as very solid, especially on a constant currency basis.
“IAWS is very well positioned to deliver impressive organic growth across its geographic regions by introducing new products (at La Brea and Cuisine) and meeting the demands of an expansion at the Tim Horton group.
“Margin expansion is expected as efficiencies improve and agri is set for a further solid performance,” he said.
IAWS Group chief executive Owen Killian said the results reflect a good overall performance for the business.
“The second half of the year has seen a solid start and we are confident of a satisfactory performance for the period.
“The group continues to build a range of strong market positions within each of its industry sectors, in tandem with broadening its geographic base.”
