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Aryzta Well Placed to Benefit From Economic Recovery

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Aryzta Well Placed to Benefit From Economic Recovery

Aryzta Well Placed to Benefit From Economic Recovery
September 29
08:11 2010

Swiss and international speciality bakery group Aryzta has reported a 2.2% increase in operating profit (including associates and joint ventures) to Eur305m from underlying revenue up 8.6% to Eur3.01b. The core Food Group – Aryzta also owns 71% of Origin Enterprises, the Irish agri-nutrition business – increased operating profit by 4% to Eur227m on underlying revenue ahead by 6.7% to Eur1.68b.

The Food Group’s customer base is an evenly balanced mix of convenience and independent retail, large retail, quick service restaurants and other food service categories. Revenues declined during the period across most channels and markets. Convenience retail and food service on the island of Ireland and the UK were the most severely impacted channels and markets. Continued pressure on the consumer in Europe and North America made for a challenging year. Operating profit remained stable, helped by Aryzta’s cost curtailment and operating efficiency initiatives.

Owen Killian, chief executive of Aryzta.

“Economic conditions for consumers remain very challenging. Aryzta has responded by continuing to focus on operating efficiencies, cost management, innovation and cash flow generation, while working alongside its retail and food service partners to provide fresh and convenient, high quality baked goods at competitive prices,” comments Owen Killian, chief executive of Aryzta. “The operating environment is likely to remain difficult in many key markets. Aryzta’s business model is therefore focused on operational resilience, while remaining well positioned to benefit from any economic recovery.”

The acquisitions of Fresh Start Bakeries and Great Kitchens in Aryzta’s current financial year will provide additional product expansion in North America, greater geographic expansion across Europe and the rest of the world, increased access into retail and quick service restaurant channels and a substantially increased bakery capability and capacity.

“Securing two complementary acquisitions in Fresh Start Bakeries and Great Kitchens substantially enhances Aryzta’s strategic market position by developing partnerships with leading operators in every consumer channel. Aryzta’s expanded product range, increasingly diversified geographical footprint and greater channel access to consumers offers further opportunities for growth over an enlarged business base,” he adds.

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