IAWS profits up 13.7%, AGM told
Food group IAWS saw a total operating profit of €124.4m last year, up13.7% on the previous year, Denis Lucey has said at the group's AGM.
IAWS also saw double-digit growth in diluted earnings per share for the eighth year running last year.
The food business achieved strong growth in all markets with sales increasing by 22.6% to €892m. Year-on-year organic growth on sales was 12.1%. The group now distributes high quality Bakery and Convenience food products to more than 50,000 outlets in Ireland, the UK, France, the USA and Canada.
In December 2004, the group made its largest ever acquisition with French food company Groupe Hubert. Between December and year-end, Groupe Hubert contributed €7.4m to operating profits.
Associates in food Hiestand and Odlums and the Tim Hortons Joint Venture contributed €25m to Operating Profits, a 13% increase.
Agri/Nutrition experienced a drop in sales and operating profits.
Looking forward, Mr Lucey said: "We are now five months into our new financial year and it is too early to make predictions about the current year, particularly as over 60% of our operating profit comes in the second half of the year.
"The board is satisfied with overall trading performance year to date."
