IAWS is also attracting buy recommendations with Merrion Stockbrokers setting a price target of €10 for the shares, which are now at around €7.75.

The company has recently announced a joint venture with Tim Hortons, a subsidiary of Wendy's international, which will extend its growth opportunities.

Merrion says near-term growth is possible as the roll-out of its Cuisine de France brand continues in the UK. The joint venture will position IAWS to become a significant producer of premium fresh-baked goods in North America, providing a ready channel for growth in that market.

The financial benefits of the joint venture will begin to flow in 2003 with Merrion suggesting the deal has the potential to add over €20 million to IAWS's operating profits after 2004.