Irish bread and pastries company IAWS Group has revealed a 30% rise in half-year earnings and said it expected continued growth due to strong demand.
The owner of brands including Cuisine de France and La Brea in the US has fully consolidated the results of US specialty baked goods firm Otis Spunkmeyer, which it bought in 2006. "50% of the underlying profit is coming from the core business growing and 50% is coming from acquisitions," said chief executive Owen Killian.
He said he did not expect acquisitions to make a big contribution to the business in the near future, although the global credit crunch may make them cheaper. "We’ve got strategic gaps we’d need to fill over a period of time in our geography and portfolio and we think we are in a good position to look for opportunities."