Aryzta Posts 2.7% Increase In Revenue In Third Quarter
Bakery firm Aryzta has posted a 2.7% increase in total group revenue in the third quarter of its financial year, with its Europe business seeing a 3.9% rise.
Underlying growth was flat (0.0%) compared to the same period last year, however, due to currency effects. The Swiss-Irish company said that group underlying revenue comprised a negative volume impact of (2.7)% and a positive price/mix impact of 2.7%.
The group noted in a statement that it posted a 'strong performance in Europe, a modest improvement in North America and some weakness in Rest of World'.
It is, however, 'experiencing ongoing margin pressure from increased headwinds relating to labour issues and negative operating leverage from weaker revenue in North America and from optimising European capacity, which will take significantly more time to address than expected'.
As the company is in a period of management transition, it did not issue guidance for the full year.
Earlier this month, the group announced Kevin Toland, the chief executive of Dublin and Cork airports as its new chief executive, effective from the end of this year.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine