Swiss bakery group ARYZTA said that its performance for fiscal 2012 was “satisfactory” as it booked a decline in net profit, despite increasing revenues and higher underlying earnings.

In a regulatory filing this morning (24 September), the firm revealed profit attributable to equity shareholders fell to EUR146.3m (US$156m) for the year to 31 July, down from EUR212.7m last year. However, underlying net profit, which excludes certain one-off items, rose to EUR291m, up from EUR260m last year.

Group EBITA increased 12.9% to EUR444.1m and EBITA margin increased 50 basis points to 10.6%.

Aryzta said revenue in the period benefited from an improved performance from its food business, despite challenging trading conditions in its main European markets. Sales increased 8.5% to EUR4.21bn, up from EUR3.88bn. Excluding acquisitions, group underlying revenue growth totalled 3.8%.

Looking to the coming year, Aryzta chief executive Owen Killian said the company has “no great expectation of any recovery in consumer behaviour”. Underlying earnings per share growth is expected to “broadly mirror” 2012, with an increase of 5-10%.

“Resurgent food inflation adds additional challenges for Aryzta and its customers,” Killian warned. “We remain focused on working closely with our customers to manage inflationary pressures in order to maintain affordability without compromising quality or service.”

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