Switzerland-based bakery group Aryzta has booked an increase in first-half sales and earnings in the face of “challenging” trading conditions.
The company said first-half EBITDA rose 4.2% to EUR186.3m (US$242.2m), while underlying net profit rose 5.6% to EUR129.4m.
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Group revenue, including the contribution of its majority stake in Origin Enterprises, rose by 8.2% to EUR2.07bn. Stripping out the contribution from Origin, sales were up 6.9%. A strong performance in the group’s US and rest of world units – up 10.6% and 11.8% respectively – provided a boost to sluggish European sales, up 2%.
The company said current consensus forecasts for fiscal 2013 look “reasonable”. According to Kepler analysts, adjusted net profit is expected to total around EUR324.7m.
Aryzrta added that it expects double-digit underlying EPS growth in FY 2014.
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