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Fresh Produce

Arytza Records 'Satisfactory' Third Quarter

By square1
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Arytza Records 'Satisfactory' Third Quarter

Zurich-based bakery group Arytza has said that it is in line to meet full-year expectations, having recorded a 'satisfactory' third-quarter performance. In the three months to 30 April, the company said total food revenue rose by 3.6% to €748.6m.

Underlying sales, however, were hit by price hikes in Europe. According to the group, Europe remains 'very challenging, reflecting the weak macro consumer dynamics in the region and widening government austerity measures'. The focus in Europe remains on 'completion of the ATI investment program and the integration of the recently announced Klemme acquisition in order to leverage the broad customer relationships, distribution channels and product capabilities that exist within the business'. 

Arytza's North American food revenue grew by 3.4% in the quarter to €361.1 million. Underlying revenue declined by 0.1% in the quarter. According to Arytza, this decline was primarily due to to the exit from the DSD business in the region. Food Rest of World revenue grew by 0.9% in the third quarter to €57.9m, as a result of strong underlying revenue growth of 5.7% offset by unfavourable currency movements of (4.8)%.

Aryzta reiterated its 5-7% underlying EPS growth guidance for the full year and stated that it expects to return to double-digit EPS growth in 2014.

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