European sales drive Aryzta’s growth

Aryzta has announced a 5.5% increase in revenue in its half year results, which it published today.

The Swiss based frozen bakery goods company, which was formed when IAWS Group plc merged with Hiestand Holding in August 2008 and Roscommon man Owen Killian has remained at its helm as CEO.

In its results it saw revenue increase by 5.5% to €1.960 billion; 0.2% underlying growth, with its European food sale driving growth with revenues increased 9.5% to €881.7m.

Its food North America revenues increased 3.6% to €971.0m; (4.0)% underlying decline and its food Rest of World division saw revenues decline (7.2)% to €107.3m.

Over it saw its EBITA increase 2.7% to €230.8m, led by its European sales.

Commenting on the results, ARYZTA AG Chief Executive Officer Owen Killian said underlying revenue growth momentum continued to improve, although still 18-24 months behind prior expectations.

“Free cash flow was strong during the period, as anticipated, and remains the key business focus. Underlying net profit from continuing operations remains flat.”

He said that revenue development has been erratic for the past 12 months and will be for a further 18 months as it commissions and optimises its capacity.

After the announcement of the six months of business, the company saw its shares take a 5.5% tumble, based on Killian’s projections for the next 18 months to be erratic.