Revenue at Aryzta increases 9%

Revenue at baked goods producer Aryzta rose 9 per cent to €1.1 billion in the first quarter of the year.

The Zurich-based company reiterated its full-year guidance of 5 to 10 per cent growth, saying underlying earnings per share remained unchanged.

The company’s European division, which accounts for 44 per cent of revenue, grew 1.6 per cent to €321.2 million amid challenging conditions including widening government austerity measures. The growth was attributed entirely to favourable net currency movements of 1.8 per cent.

The company’s North America division experienced a 12.3 per cent growth in revenue to €367.5 million.

Origin, in which Aryzta has a majority ownership, reported an 11.2 per cent increase in revenue to €351.2 million.

Aryzta’s chief executive Owen Killian said the results were “satisfactory” given that the global trading environment remained very challenging.

Aryzta was formed in 2008 after Swiss bakery group Hiestand and Irish company IAWS merged. This year it raised 174.3 million Swiss francs (€144 million) through a placing of 4.25 million new shares.