IAWS pretax profits up 13.5%

Pretax profits at food group IAWS rose by 13.5 per cent to €56 million during the six months to the end of January.

Pretax profits at food group IAWS rose by 13.5 per cent to €56 million during the six months to the end of January.

The company said sales in its food division grew 27.4 per cent to €463.5 million, helped by a doubling of sales in its North American arm, largely down to a three-month contribution from bakery company Otis Spunkmeyer.

IAWS purchased the bakery firm last November, and it was IAWS's largest acquisition at €463 million.

IAWS said revenue from Food Europe increased to €317.8 million, reflecting revenue growth of 6.2 per cent.

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Overall revenue was 17 per cent at €838.5 million while operating profits grew by almost 25 per cent to €57.3 million

Adjusted earnings per share were 12 per cent higher at 37.15 cent. An interim dividend of 7.51 cent has been declared.

Profits from joint ventures and associate companies was up almost 20 per cent to €13 million.