Food group IAWS said today half-year profits rose 26 per cent to €34.8 million but added that the strong euro was masking gains in market share.
Both the food and agribusiness divisions were affected by currency factors and by more challenging markets, IAWS said. The company said actual growth in turnover was 8 per cent but currency effects lowered this to 4 per cent when translated back into euros.
Sales within the lifestyle food division - which includes artisan breads and pastries - grew by 6 per cent across Britain and Ireland. In North America, underlying sales grew by 39 per cent in dollar terms. Total underlying sales in the food division grew by six per cent.
Higher commodity prices for fertiliser and feed boosted underlying sales within nutrition/agri sales by 11 per cent.
Total operating profit before goodwill increased by 16 per cent to €40.3 million from €34.9 million.
IAWS will pay an interim dividend of 5.074 cent per share, an increase of 18 per cent on the 2003 interim dividend of 4.30c. It will be paid on April 23rd 2004 to shareholders on the register on April 13th 2004.