Cuisine de France owner Aryzta has posted a 2.5% decline in group organic revenue in the first quarter of its financial year.
The bakery firm posted group revenue of €843.9 million for the period, with reported revenue down 2.1%, reflecting the impact from business disposals (-1.6%) and a positive currency impact (+2.0%).
“FY19 established foundations on our path towards stability, performance and growth and Q1 FY20 revenue has performed in line with our expectations," commented Kevin Toland, Aryzta chief executive.
Its Aryzta Europe business showed an organic revenue decrease of 0.9%, the report showed.
With regard to the group's Europe performance specifically, Aryzta said that France, Hungary and Switzerland delivered a 'solid' performance for the group, while Germany remained 'relatively stable' despite the impact of insourcing.
In October, as part of the group's streamlining process, Aryzta sold its non-core UK Food Solutions business, to add to the sale of two loss-making businesses in full-year 2019.
Volumes in Europe were down 2.0%, with price/mix positive at 1.1%.
'The focus in Europe continues to be on growing profitable revenue,' the group said in a statement.
Toland said that the group is anticipating underlying EBITDA growth at group level for the full year, as the "benefits of the second year of Project Renew [the group's transformation plan] are being realised".
© 2019 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.