Organic revenue increases slightly at Cuisine de France owner
Swiss-Irish food group Aryzta has reported a 0.3pc increase in organic revenue to €862.3m in the three months to 31 October.
However, overall reported revenue declined 5.2pc, which the group said reflected the impact of disposals and currency, according to a trading update.
Aryzta expects mid to high single-digit organic earnings before interest, taxation, depreciation and amortisation (EBITDA) growth for its financial year 2019.
"During the first quarter we continued to work to address the challenges facing the business," Kevin Toland, Aryzta CEO, said.
"We remain resolutely focused on our core, the frozen B2B bakery market and have the management team and resolve to implement what is a multi-year turnaround strategy."
In Europe organic revenue increased by 2pc in the period, while disposals and currency had negative impacts.
Volumes in Europe were broadly flat, down 0.1pc, while price/mix was positive by 2.1pc. Overall revenue declined by 1.1pc in the quarter to €430.4m.
In North America, where then group continues to face challenges, organic revenue declined by 2.8pc, while overall revenue declined 10.4pc in the period to €366.9m.
Volumes in North America declined by 2.1pc, while the price/mix was a negative at 0.7pc.
Elsewhere the rest of the world reported strong organic revenue performance of 7.7pc.
Earlier this month Arzyta shareholders narrowly approved a plan to rise €800m.