IAWS has had a "very satisfactory" trading performance in the first five months of its financial year, shareholders were told yesterday.
The firm's chairman, Mr Philip Lynch, said that its trading pattern had remained broadly similar throughout 2004. This was particularly the case in agribusiness, where "trading remains difficult", he said. Mr Lynch was addressing the IAWS annual general meeting in Dublin.
He pointed out however that it was too early to make predictions about the group's performance for this financial year since more than 60 per cent of group operating profit comes in the second half.
Mr Lynch said the company's board would know more about trends in its agribusiness division over the next few months as new EU rules on farmer payments are bedded down.
IAWS chief executive Mr Owen Killian later agreed that agribusiness is an "unknown" for IAWS. He noted, however, that it is no longer a growth business.
IAWS shares fell by 20 cents to close at €12.15 last night.
