IAWS has reported an "excellent" performance for its financial year ending 31 July 2006, with pre-tax profits up by 14.6% to ?123.5m (£83.3m). Group revenue was 10.6% higher at ?1.557bn from ?1.408bn.

The "outstanding feature" was the performance of the Group’s Food Division, which includes Delice de France and Cusisine de France. Revenues increased by 15.4% to ?975.4m. The food division contributed to 81% of the Group’s operating profit. This performance was reflected in markets across bakery and convenience in Ireland, UK, France and the US.

Chief executive Owen Killian said: "The hallmark of the Food Division’s performance is revenue growth combined with margin stability against a backdrop of rising input costs."

The Group is well placed to achieve further growth from continuing operations in the current financial year, it said. In particular, the ’lifestyle foods’ market opportunity remains strong.