ARYZTA, the Switzerland-based bakery products supplier, has posted higher half-year sales and profits boosted by sales growth in Europe and favourable currency exchange.

Underlying net profit from continuing operations rose 2% to EUR141.1m (US$156.8m) for the period ending 31 January. 

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Last March, Aryzta reduced its stake in Ireland-based agri-services company Origin Enterprises. The deal meant Aryzta today presented its proportion of Origin’s results in both periods as discontinued operations.

EBITA increased 2.7% to EUR230.8m. Aryzta’s European business saw its EBITA rise over 6%.

Group sales increased 5.5% to EUR1.96bn, which Aryzta said was primarily due to currency, which contributed five percentage points of the growth. Underlying revenue grew 0.2% in the period.

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Aryzta CEO Owen Killian said: “Speciality food is a growth segment of the overall food market in Europe and North America where consumer demand was positive in the period. Aryzta is well-invested and well-positioned to grow, because its recently invested infrastructure is the most relevant and most competitive for this market”.

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He noted revenue development had “been erratic” for the last year and would be for a further 18 months as the firm commissions and optimises capacity. 

“We are confident we can achieve our post 2020 strategic goals, for which the significant investment building blocks are in place,” he added.

H1 results by segment

  • Food Europe: revenues +9.5% to EUR881.7m – helped by favourable currency impact and “above average” growth in European in-store bakery market.
  • Food North America: revenues +3.6% to EUR971m. Volume decline in quick service restaurants segment drove decline in North America.
  • Food Rest of World: revenues -7.2% to EUR107.3m – hit by negative currency impact. Underling sales growth +3.9% thanks to improved product sales mix.