FOOD GROUP IAWS has seen a 35 per cent increase in revenues to €1.9 billion in the first nine months of its current financial year, with spin-off agri-nutrition company Origin Enterprises recording a 53 per cent increase in revenues to €1.05 billion.

Both the European and north American food divisions at IAWS contributed to its performance during the period, with revenues growing by 10.5 per cent and 11.9 per cent respectively.

Origin, in which IAWS is the majority shareholder, posted underlying revenue growth of 28 per cent in the nine month period to the end of April, 2008. In an interim management statement issued yesterday, IAWS chief executive Owen Killian said the company, which owns Cuisine de France and a number of other bakery companies, had a strong balance sheet and was generating the cash flow it needs to fund both organic growth and acquisitions.

Origin was listed in June 2007, raising €100 million of development capital.

The construction of the group’s bakery and innovation centre at Grangecastle continues as planned with €135 million spent on the facility as of the end of April.

Davy Research food analyst Barry Gallagher said it was “a notable achievement” that IAWS had maintained margins in an environment where input price inflation was rapid.

Tom O’Mahony, chief executive of Origin, said the company was experiencing strong trading conditions and was confident about the prospects for the full year.

He said Origin was continuing to make progress on the integration of milling group Odlums and specialist agronomy services company Masstock into its business during the third quarter.

Origin’s share price rose 2 cent yesterday on the Iseq, closing at €5.30, while IAWS closed unchanged at €15.75.