FOOD BUSINESS Aryzta said its guidance regarding underlying earnings per share still appeared “reasonable” after it posted sales of €729.1 million for the first quarter of its financial year.
In a trading update for the 13 weeks to the end of October, the firm, which owns the Cuisine de France brand, said food revenue fell 8.4 per cent in the quarter, following trends in the previous year.
In Europe, food revenue fell by 11.4 per cent during the period due to tough trading conditions in Britain and Ireland, where the revenue decline widened to 25 per cent.
Weak spending in its other European markets – Switzerland, Germany, France and Poland – hit revenue, but the firm said it had expanded its channel penetration.
In North America, food revenue fell 2.1 per cent compared to growth of 19.5 per cent in the same quarter a year earlier.
Aryzta chief executive Owen Killian said the business was performing in line with expectations in the first quarter of its 2010 financial year.
“Aryzta will remain focused on cash generation and improved operating efficiency. As a result the business is in an excellent position to benefit from improved trading conditions and acquisitions when they arise,” he said.
Aryzta was formed in 2008 following a merger between Iaws and Swiss bakery group Hiestand.
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