• Mixed results for full-year
  • Net profit increased 18%
  • Underlying group revenue drops 3%

Aryzta today (28 September) admitted that analyst predictions of a fall in earnings over the next 12 months were "reasonable" as the Swiss baking group posted a mixed set of annual results.

Analysts have forecast that Aryzta will report earnings per share of 224.6 cents for the company's fiscal 2010/11 year. In the year to 31 July, Aryzta posted EPS of 234.7 cents.

Reported turnover rose 2.5% to EUR3.21bn (US$4.69) over the last 12 months but underlying group sales fell 3%. Net profit, however, jumped 18% to reach EUR149.3m.

A spokesperson for Aryzta told just-food that the company's UK and Ireland businesses had most affected the group's underlying revenues.

"In Europe business has seen a quarter-by-quarter decline in revenue through 2009, with each quarter becoming more difficult, the spokesperson said. "The trend has continued and we don't really see any upturn in Europe and America where the momentum has been declining. Earnings are quite strong but the company is keen not to mislead people."

Aryzta CEO Owen Killian said: "The 2009 financial year began with unprecedented weakness in the global economy. Through the year, the recession broadened and deepened and this is reflected in our underlying revenues, which swung from double-digit growth to a decline, within the twelve-month period."

Click here for the full press release, and check back later for detailed comment from Arytza's management.