Revenue increases at Aryzta amid 'stabilisation'
Swiss-Irish food group Aryzta has reported a 1.3pc increase in organic revenue in the three months to 30 April.
Reported revenue in the three month period was €847.9m, an increase of 4.5pc year-on-year. This was helped by a positive currency movement, according to a trading update from the group.
The company, headed by former DAA chief Kevin Toland, said the performance reflected "ongoing stabilisation" at group level.
In Europe, Aryzta reported "strong" organic growth of 4.4pc.
Meanwhile, growth of 8.9pc in the rest of the world was partially offset by a weaker organic performance in North America, where growth declined by 3.8pc.
"Our Q3 performance, which follows a consistent period of improving revenue performance, shows sequential improvement in terms of group organic revenue," Mr Toland said.
"Continued stabilisation of the business, delivering for our customer base and realising the expected benefits from Project Renew remains our absolute focus within the current financial year," he added.
The company is currently in the middle of ‘Project Renew,’ a multi-year turnaround commitment, which the group said is “on track” to deliver the targeted €40m run-rate savings in financial year 2019.
Aryzta now expects low-single-digit underlying earnings growth for financial year 2019, in line with current market expectations. It had previously predicted mid-to-high single digit earnings growth.