Annual turnover at IWP increased by 18.7 per cent to €565.1 million (£444.7 million), group operating profit rose 8 per cent to €41.8 million (£33 million), according to figures released yesterday. Profit after taxation rose 92 per cent to €19.6 million (£15.4 million). Last year's results contained a €12 million exceptional item.

The UK market had been difficult with price competition because of the arrival of Wal-Mart and the currency situation affected exports, according to IWP.