The IAWS Group has announced a 20 per cent increase in pre-tax profits to euro 59.8 million for the financial year ended July 31st, 2001.
According to preliminary results released this morning, turnover rose to euro 1,102 million, up 12 per cent on last year, and pre-tax profits rose 20 per cent to euro 59.8 million.
Earnings per share were also up 20 per cent to 37.6 cents, and the cash flow per share was 10 per cent higher at 61 cents.
"The performance of the food operations was outstanding and exciting new market opportunities were successfully opened up through acquisition and investment," said IAWS Group managing director Mr Philip Lynch.
"At the same time, the group's traditional operations again made a major contribution to profits and cash flow," he said. "We have an established presence in the United States, which will become a strong growth platform for our food business over the coming years.
"We are continuing to explore development opportunities for the food division focusing on rolling out our branded routes to market concept in new geographical regions through acquisitions and joint ventures with existing operators," Mr Lynch said.
Shamrock Foods, a subsidiary of the group is operating at full capacity, according to the figures, following the expansion of its facilities by 80 per cent last year.
It also completed the acquisition of Roma Foods over recent weeks, making Shamrock one of the group's most dynamic performers.