Irish food and agricultural products group IAWS today reported strong progress at its North American food operations after posting a 17 per cent jump in adjusted pre-tax profits for the latest business year.
IAWS, which has expanded with the success of its doughnuts and other baked goods, said diluted earnings per share rose 18 per cent to 53.04 cents in the year ended on July 31st, despite the adverse impact of the strong euro.
Total turnover increased by 3 per cent to €1.25 billion, with the weakness of both the dollar and pound against the euro masking strong growth. Underlying sales grew by 7 per cent, IAWS said. Pre-tax adjusted profits rose to €82.2 million.
Over the past few years the company has moved away from its agricultural commodity roots and is now heavily involved in the par-baked food products market through its Cuisine De France subsidiary.
The firm has drawn most of its recent success from its food division, which includes a joint venture with Tim Hortons, Canada's largest coffee and baked-goods chain, as well as the Cuisine de France brand in Ireland.
In the United States, the company's New Jersey facility supplies artisan bread for IAWS's La Brea subsidiary.