Food and agricultural products group IAWS posted annual earnings in line with forecasts today and said it was well placed to achieve further growth this year.
The owner of pastry brand Delice de France and La Brea par-baked breads in the United States said earnings rose 13.4 per cent, helped by strong organic and acquisition-led growth in its mainstay food business, mainly in North America.
Diluted earnings per share before goodwill and exceptional items for the year to July 31st rose to 70.41 cent from 62 cent last year, on a 10.3 per cent increase in turnover to €1.408 billion.
A median of five forecasts gathered by Reuters Estimates had put earnings before goodwill amortisation and exceptional items at 70 cent per share.
IAWS, which has a joint venture with Canadian coffee and doughnut chain Tim Hortons, said sales at its food business grew nearly 23 per cent to €892 million. At its agriculture unit, they contracted by 4.3 per cent to €563 million.
Shares in the company closed last week at €11.45, giving the group a market value of around €1.43 billion.