Irish diversified food company IAWS today announced a 20 per cent rise in pre-tax profits to €21.9 million for its half-year to January 2002.
The group - which owns the Cuisine de France, Delice and Pierre’s in-house bakery brands in Ireland - owed much of the growth to the strong performance of its food division. Pierre’s alone is franchised to some 4,000 direct retail outlets in Ireland.
Today’s interim results also include for the first time contributions from the La Brea US bakery business, which IAWS acquired last year.
Group debt rose to €308 million, reflecting the acquisition costs of La Brea and ongoing capital projects.
IAWS chief executive Mr Philip Lynch said: "Consumer demand for greater choice, freshness and convenience has contributed to the ongoing growth in our food business.
"The recent La Brea bakery acquisition has performed very well and the Group now has a foothold in North America, which is the world's largest convenience food market," he said.