Aryzta expects double digit earnings growth for full year

Monday 11 March 2013 18.05
Aryzta's H1 revenues up by 8.2%
Aryzta's H1 revenues up by 8.2%

Swiss-based baked goods firm Aryzta has reported that its group revenue for six months to the end of January rose by 8.2% to €2.07 billion.

Aryzta said its net profit was 5.5% higher at €129.4m, while earnings per share were up 0.5% to 146.4 cent.

The company said it expects share earnings to return to double digit growth next year.

The group was formed in 2008 after Swiss bakery group Hiestand and Irish company IAWS merged and its brands include Delice de France, Cuisine de France and Tim Hortons.

''Aryzta's underlying net profit performance was robust despite challenging trading conditions,'' commented the company's chief executive Owen Killian. 

He added that good progress was made on reducing the company's net debt.

The company said that revenue at its food group rose by 5.9% to €1.5 billion with European revenues up 2%, while its North American revenues gained 10.6% and revenues from the rest of the world jumped by 11.8%.

Revenues at its Origin Enterprises subsidiary rose by 11.9% to €567.7m for the six month period.