Aryzta remains on target for double-digit growth

Food group reports rise in first quarter sales and reaffirms full-year target

Aryzta’s brand ranges include Cuisine de France, La Brea Bakery and Otis Spunkmeyer.

Aryzta’s brand ranges include Cuisine de France, La Brea Bakery and Otis Spunkmeyer.

 

Food group Aryzta reported a 6.5 per cent increase in first half sales, buoyed by strong growth in Europe and a 10 per cent contribution from its acquisitions in the first quarter of its financial year.

Sales rose to €796.3 million, with European food revenues up by 17.6 per cent to €377.6 million in the three months to October 31st. In the group’s north American division, food sales fell by 0.9 per cent to €364.2 million, while sales also fell in its rest of the world division, down by 7.4 per cent to €54.5 million, as strong underlying growth was offset by negative currency movements.

Chief executive officer Owen Killian said that its guidance for double-digit fully diluted EPS full-year growth “remains unchanged.”Referring to the group’s transformation programme, Mr Killian said that it remains on track to be “sustantially” completed by the end of 2014.