Monday 19 August 2019

Aryzta post first quarter revenue increase of 6.1pc

Pictured is Chief Executive Officer Owen Killian briefing media
Pictured is Chief Executive Officer Owen Killian briefing media

Michael Cogley

Aryzta, the Zurich-based food company, reported a 6.1pc increase in group revenue up to €995m in the first quarter of its financial year, which ended on October 31.

The company said that the revenue growth consisted of 0.4pc of negative underlying growth, acquisition growth of 0.7pc and currency movements of 5.8pc.

Revenue in the company grew in both its European and North American departments but fell in its Rest of World sector.

Chief executive officer at Aryzta, Owen Killian, said that growth had returned to both Ireland and the UK.

"Consumer sentiment is positive in North America where we are encouraged by the initial consumer feedback to our renewed focus on our brands, particularly La Brea Bakery and Otis Spunkmeyer. Consumer sentiment is more muted in Europe although our business in Ireland and the U.K. returned to growth in the period," Mr Killian said.

"Underlying revenue development was satisfactory in Q1. In Europe, bakeries continued to outperform while Aryzta Food Solutions remains weaker due to some channel weakness as previously discussed," he said.

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