Aryzta shares gain after baking giant’s profits rose on strong revenues
SHARES in Aryzta rose this morning after the baking giant’s half year results hit market expectations.
For the six months to the end of January, the company said net profit rose 5.5pc to €129.4m on the back of revenue which jumped 8.2pc to €2.07bn.
Most of the growth was driven by the Irish-led company’s US business, which pushed its revenues up by more than 10pc.
Aryzta is best known in Ireland for its Cuisine de France bread rolls.
Company chief executive Owen Killian said the numbers reflected a good performance considering the weak consumer demand in Europe especially.
“Aryzta’s underlying net profit performance was robust despite challenging trading conditions.
“Good progress on net debt reduction was also achieved.
“Current consensus for this year’s earnings per share looks reasonable at this stage. We expect to return to double-digit underlying fully diluted EPS growth in full year 2014,” he added.
By mid morning the company’s stock was up 0.7pc in Zurich, at 53.80 Swiss Frances.