IAWS delivers strong performance
Pre tax profits were up 23% to 42.8 mln euros while underlying sales growth showed a six per cent increase.
14/03/05 The Irish based agribusiness giant IAWS Group has reported pre tax profits up 23% to 42.8 mln euros, with an increase of nine percent in total turnover for the last six months. Underlying sales growth showing a six per cent increase when account is taken of foreign currency fluctuations and acquisitions, the company reported. Underlying sales growth from food was 14 per cent in the period compared with a five per cent 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.
Commenting on the 2005 half year performance, IAWS Group Chief Executive Owen Killian said “The Group had a satisfactory performance in the first six months. Geographic diversification continued with a strategic acquisition in France bringing an additional range of quality food concepts to the Group.”
“Our business in North America performed very well following the commissioning of new production facilities during the period. There was some margin erosion in our food business due to our ongoing business integration in the UK and trading conditions continue to be difficult in Nutrition/Agri”, Killian said. He said that the Group continues to generate substantial free cash and is well placed to continue its expansion.
