Revenue at Aryzta jumps by 16%
Aryzta saw revenue rise by 16.5% in its quarter results. Financial discipline and strong cash generation remain the key strategies underpinning future growth and diversification, according to Aryzta CEO Owen Killian.
Speaking at the announcement of quarter three update, he said underlying revenue in the food business increased by 3.7% in the quarter compared with the same period last year. “Overall food revenue increased by 14.9% despite adverse currency movements. The acquisitions announced on March 10 with H1 were completed in the period and contributed to the improved revenue growth.
“Consolidation opportunities to extend market share and customer relevance in what is a fragmented sector continue to exist. Guidance remains unchanged with double-digit growth in underlying fully diluted EPS expected for FY 2014.”
He said that total food revenue grew by 14.9% in the quarter to €859.8m. “Underlying revenue growth was 3.7% in the period, while acquisitions provided 15.4% growth and currency movements negatively impacted growth in the quarter by (4.2)%.”
Food Europe revenue grew by 17.6% in the third quarter to €387.5m. Underlying revenue growth was 4.1%. Acquisitions added 12.9%, while currency added 0.6%. The improved underlying growth in Europe reflects additional capacity and the improved mix between smaller independent customers (ARYZTA Food Solutions) and large customers (ARYZTA Bakeries).