Aryzta revenues jump 5.5pc to €1.96bn
Revenue at Swiss-Irish food firm Aryzta increased by 5.5pc to €1.96bn in the first six months of its financial year while the company's earnings before interest tax and amortisation (EBITA) rose 2.7pc.
Aryzta posted EBITA of €230.8m with European food revenues reporting solid growth of 9.5pc up to €881.7m in the period ending January 31 2016.
The group's revenue in Europe increased by 4.7pc on an underlying basis while its North American revenue dipped by 4pc on an underlying level.
Associate and joint-ventures contributed €13.7m, which the firm says was in line with expectations.
Cash generation increased by €146.9m to €173m.
Chief executive at Aryzta, Owen Killian, said free cash flow remained strong in the period.
"Speciality food is a growth segment of the overall food market in Europe and North America where consumer demand was positive in the period. Aryzta is well-invested and well-positioned to grow, because its recently invested infrastructure is the most relevant and most competitive for this market," Mr Killian said.
The Aryzta chief continued, saying the firm was confident of meeting its strategic goals set for 2020.
"We are focused on establishing a sequential growth pattern and view short-term earnings guidance as less relevant, until we deliver on this priority," he said.