Mr Dermot Desmond's investment company International Investment and Underwriting (IIU) may have made a profit of more than £5 million on the sale of its eight per cent stake in Golden Vale last Friday, higher than earlier estimated.

IIU sold 12.5 million shares to a group of Irish institutions, led by Standard Life and Scottish Provident, at a price of 105p, after paying an estimated average price of 55p to 65p to build up its stake in the company over the last two years. This purchase price would yield a profit of more than £5 million on the holding for Mr Desmond's IIU.

IIU has also asked that it be pointed out that contrary to a report earlier this week, it now longer has a stake in the Jones Group. It sold its 3.5 per cent stake in the company some time ago, according to a spokesman.