Aryzta profits before tax jump 16.3 pc in last year
Swiss-Irish frozen bakery company Aryzta has reported a 16.3pc increase in pre-tax profits for the year ended July 31 last.
The Cuisine de France owner said its revenues were up 6.8pc to €4.8bn, while earnings before interest, taxes and amortisation jumped by 19pc.
Chief executive Owen Killian said it was a "strong performance," and that the company's alignment with the requirements of major food companies would facilitate long-term growth.
"Aryzta remains financially disciplined and very cash generative, which will support continued investment and sector consolidation," Mr Killian added.
Davy Stockbrokers said the group "remains well positioned in terms of asset quality and customer alignment to deliver on medium-term targets".
Aryzta's earnings per share were 5.7pc ahead of Davy's forecast, having increased 17.2pc to €4.22.
The group's most disappointing result was a drop in revenues from its food group outside Europe and North America.
Most of the group's business there is done in Brazil, south-east Asia, New Zealand and Japan, and revenues fell 5.7pc, a result Aryzta attributes to unfavourable currency movements. Aryzta's food business in Europe saw revenues increase 14pc, aided by last year's purchase of German baking company Klemme.
Aryzta is the majority shareholder of Irish agri-services group Origin Enterprises, which posted a 2.4pc increase in operating profits last week.
The Swiss-Irish company was formed in 2005 in a €2bn merger of the Irish Agricultural Wholesale Society and Swiss baking group Hiestand.
Earlier this year Aryzta agreed to buy Pineridge Bakery in Canada and Cloverhill Bakery in the US, which has significantly increased its footprint in North America.