Food and agribusiness group IAWS has posted a 19 per cent increase in profits on the back of a strong performance from its joint ventures in North America.
Total pre tax profits were €97.7 million while joint ventures more than doubled their contribution to €24.5 million.
IAWS has committed €200 million in North America over the past three-and-a-half years in what is the world's largest convenience food market.
The Tim Horton joint venture in increased its contribution significantly. The venture is now supplying fresh bread products to all 2,582 Tim Hortons stores in Canada and the US.
Tim Hortons same store sales are very robust. Average same store sales for the first six months of 2004 were 7.2 per cent at Tim Hortons restaurants in Canada and 10.3 per cent in the US.
Irish operations performed well, with 7 per cent underlying sales growth within Lifestyle Foods. IAWS said the integration of Cuisine de France, Pierre's and Delice de France bread brands has improved overall operating efficiencies.
In May IAWS acquired the Carroll Cuisine Group, the leading supplier of ready meals and premium meats to delicatessens in Ireland
IAWS will pay a final dividend of 5.442 cent per share compared with 4.732 cent in 2003. Together with the interim dividend of 5.074 cent per share, this raises the total dividend payment for the year to 10.516 cent per share, an increase of 16 per cent on the 2003 dividend.