Aryzta reported a 4.4% jump in underlying food revenue in its first-quarter

Aryzta reported a 4.4% jump in underlying food revenue in its first-quarter

Switzerland-based baker Aryzta has today (28 November) booked a first-quarter increase in underlying revenue in its core food business.

The company reported a 4.4% increase in underlying food revenue for the 13 weeks to the end of October. Food group revenue reached EUR692.6m (US$925.1m), up 9.6% on the same period last year. During the period, Aryzta acquired UK flat bread firm Honeytop.

Aryzta CEO Owen Killian said the company's first-quarter revenue is in line with expectations.

He said: "Food Group revenue increased by 9.6% in Q1, comprising 4.4% underlying growth and 6.7% acquisition-related growth. We have not seen any significant change in the trading environment since September and Q1 is broadly a continuation of Q4 trends."

Aryzta said its Food Europe revenue was up 9.2% in the quarter to EUR316.2m, on the back of positive pricing to help offset higher raw material prices and weaker volumes. Underlying revenue climbed 1.2%.

Revenue for its Food North America sector reached EUR327.1m, up 9.1% on the period last year, on the back of price changes to recover higher material prices. Underlying revenue was up 6%. Its Food in the rest of world revenue grew 16.3% in the quarter to EUR49.3m. Underlying revenue grew by 14.7%.

Shares in Aryzta were up 3.37% at CHF41.45 at 12:02 CET.