Food group IAWS has reported pre-tax profits of €56m for the six months to the end of January, an increase of 13.5% on the same period last year.
It has also said it looking at a number of options for the future of its original businesses, which include fertiliser, feed and marine proteins. These were last year grouped into a new subsidiary called Origin Enterprises.
IAWS said this business had 'a number off significant properties with development potential', and the aim was to 'maximise their potential'.
Asked about the possibility of a spin-off, chief executive Owen Killian told RTE radio IAWS was looking at all the funding options for the business. But he denied that Origin's property assets were the focus of the review.
IAWS revenue in the six months was up 17% at €838.5m, while operating profits grew by almost 25% to €57.3m. Adjusted earnings per share were 12% higher at 37.15 cent and a 12% higher interim dividend of 7.51 cent has been declared.
Sales in the company's food division were up 27.4% to €463.5m, with sales in the North American part of this business more than doubling to €145.7m, helped by a three-month contribution from bakery company Otis Spunkmeyer, which it acquired in November. European food sales were 6% higher at €317.8m, while Origin sales climbed almost 7% to €374.9m.
Profits at the food division were 29.4% higher at €45.5m, while Origin profits grew by almost 10% to €11.9m. Profits from joint ventures and associate companies was up almost 20% to €13m.
Shares in the company closed down 40 cent at €17.98 in Dublin this evening.
