Stabilisation Process Underway As Aryzta Reports Q3 Revenues Increase
Swiss-Irish baker Aryzta has reported a 1.3%increase in organic revenue in the three months ending 30 April.
As reported by the Irish Independent, the Cuisine de France owner reported revenues of €874.9 million, a 4.5% increase year-on-year.
The group said that it benefited from positive currency movement.
Kevin Toland, the company’s chief executive, said that the group’s performance reflected ‘ongoing stabilisation’ at group level.
“Our Quarter three performance, which follows a consistent period of improving revenue performance, shows sequential improvement in terms of group organic revenue,” Toland said.
“Continued stabilisation of the business, delivering for our customer base and realising the expected benefits from Project Renew remains our absolute focus within the current financial year,” he added.
Project Renew is Aryzta’s multi-million turnaround commitment, which is reportedly “on track” to deliver €40 million in run-rate savings in its financial year.
The company said it expects low-single-digit underlying earnings growth for the financial year in 2019, in line with the market’s expectations.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.