Food and agricultural products group IAWS posted a 23 per cent rise in first-half adjusted pretax profit today.
Profit before tax, amortisation and exceptional items was €42.8 million in the six months to the end of January after total revenues, including the contribution from joint ventures, rose 9 per cent to €653.3 million.
The Nutriton/Agri division had a tough first half, however, as the unit's contribution to overall group operating profit slid 19 per cent to €7.3 million after a bumper cereal and sugar beet harvest hit its animal feed ingredients business.
Total profit from the core food division jumped to €41.3 million from €31.4 million last year, thanks in part to acquisitions, and the contribution from the group's joint ventures jumped 76 per cent to €14 million.
But profitability fell at both the Nutrition/Agri and Food divisions, leaving the group's overall operating margin at 5.5 per cent versus 5.6 per cent in the previous period.
"The board is pleased with the performance year to date and the group continues to trade satisfactorily," IAWS said in a statement. "The group continues to generate substantial free cash flow and is well placed to continue its expansion."