Food group IAWS has reported pre-tax profits of €123.5m for the year to the end of July, up 14.6% on the previous year and ahead of expectations.
Earnings per share were up 13.5% to 81.6 cent and turnover was 10.6% higher at €1.6 billion. A 13.5% higher final dividend of 6.78 has been declared.
The food division was the main engine of growth, with turnover up 15% to €975m and profits 16% higher at €87.8m. European food profits were up 13% to €71.2m, helped by a first contribution from France's Groupe Hubert.
North American profits climbed by 31% to €16.6m as revenue jumped 31% to €139m. During the period, IAWS completed the third phase of investment in its La Brea bakery in New Jersey, which chief executive Owen Killian said would provide a strong platform for future growth. Mr Killian said IAWS's margins had remained stable against a backdrop of higher costs.
The agri-business division recovered, with revenue 3% higher at €582m and profits up 5% to €24m. There was increased demand for animal feed ingredients and fertiliser.
The share of profits from associate companies grew by 19%, with growth in the Tim Horton joint venture and Hiesland, in which IAWS has a 32% stake. The company said it was well placed to achieve further growth in the current year.
Shares in the company closed down 69 cent, or 4.4%, at €14.86 in Dublin this evening.
