IAWS shareholders can look forward to an upbeat performance report from chief executive, Mr Philip Lynch, at next week's annual general meeting.

Growth would have been strong in the last six months - the group reported strong results for the year to end July 1999 with a 29 per cent jump in pre-tax profits to €42.6 million (£33.5 million).

IAWS continues to benefit not only from the strong economy but from lifestyle changes which ensure rising demand for its Cuisine de France products. With the proportion of sales of higher margin consumer food products rising in relation to the lower margin fertiliser and animal feed products, profits are expected to continue to increase.

The decision to reposition towards consumer foods was a good one. But IAWS is unlikely to rest on its laurels. As well as organic growth the company wants to expand geographically and this growth is likely to be in the consumer foods area.

The company is currently test marketing the Cuisine de France process and products in Chicago. If IAWS can establish that its technology and process is better than that already in use in the US market there will be huge opportunities for further profitable growth.