ZURICH: Swiss bakery business Aryzta AG Monday reported that its first-quarter total revenue grew 6.1% from last year to 995 million euros, mainly with currency movements of 5.8%. On an underlying basis, revenue declined 0.4%.
Food Europe revenue grew 9.5% in the first quarter to 442.5 million euros. Europe had strong underlying revenue growth of 5.5%.
Food North America revenue increased 5.2% to 500.1 million euros. Underlying revenue declined 5.6%.
Aryzta Chief Executive Officer Owen Killian said, “Underlying revenue development was satisfactory in Q1. In Europe, Bakeries continued to outperform while ARYZTA Food Solutions remains weaker due to some channel weakness as previously discussed. Our North American business is still digesting the impact of the capacity optimisation programme which commenced one year ago and also the impact of some supply chain contract renewals.”
Looking ahead, the company reiterated guidance for underlying earnings per share in the range of 365-385 cent for fiscal 2016.
The company said its focus in fiscal 2016 continues to be on delivering the underlying revenue growth potential of the business.
