Pre-tax profits up at Aryzta

Aryzta has reported pre-tax profits of €444.1 million in the year to the end of July, 12.9 per cent higher than the same period 12 months earlier.

Revenue at the baked goods' producer rose by 8.5 per cent to €4.21 billion.

The food company, formed in 2008 after Swiss bakery group Hiestand and Irish company IAWS merged, reported pre-tax profits of €444.1 million, up 12.9 per cent.

Aryzta's main food business recorded revenues that were 11.3 per cent higher at €2.87 billion with Ebita increasing 16.3 per cent to €374.8 million.

The company's European division, which accounts for around 44 per cent of revenue, continued to be affected by dampened consumer demand. The division grew its revenue by 7.5 per cent, compared to a rise in revenues of 13.2 per cent for North America and 23 per cent for the rest of the world.

Origin Enterprises, in which Aryzta has a 69 per cent stake, reported revenues of €1.34 billion, up 3.1 per cent on the previous year.

“Aryzta’s performance in full-year 2012 was satisfactory given the challenging macroenvironment. Weak consumer spending affected our customers and the impact of government austerity measures was particularly noticeable in Europe," said Aryzta's chief executive Owen Killian.

He added resurgent food inflation added additional challenges for the company and its customers.

The group said underlying fully diluted earnings per share (EPS) growth to broadly mirror this year's results with an increase of between 5 per cent and 10 per cent.