Aryzta remains on target for double-digit growth

Food group Aryzta reported a 6.5 per cent increase in first half sales, buoyed by strong growth in Europe and a 10 per cent contribution from its acquisitions in the first quarter of its financial year.

Sales rose to €796.3 million, with European food revenues up by 17.6 per cent to €377.6 million in the three months to October 31st. In the group’s north American division, food sales fell by 0.9 per cent to €364.2 million, while sales also fell in its rest of the world division, down by 7.4 per cent to €54.5 million, as strong underlying growth was offset by negative currency movements.

Chief executive officer Owen Killian said that its guidance for double-digit fully diluted EPS full-year growth "remains unchanged."Referring to the group's transformation programme, Mr Killian said that it remains on track to be "sustantially" completed by the end of 2014.