Swiss bakery group Aryzta saw underlying net profit growth edge up 1.1% for the first six months of the year.
For the period ended 31 January, underlying net profit reached EUR73.8m (US$101.2m), while operating profit remained constant at EUR106.5m.
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Commenting on the results, Aryzta CEO Owen Killian said: “The global economic recovery has yet to reach consumers who continue to adjust their patterns of spending in response to tough economic conditions. Credit availability remains difficult for many customers who need to maintain and develop their consumer-facing investment.”
He added: “Those customers who have adapted to the conditions and who offer a satisfying consumer experience by using ‘freshly baked’ throughout the dayparts demonstrate the resilience of the business.”
Revenue for the six month period declined 7.4% to EUR800.9m, however the firm reduced its net debt by EUR137.6m to EUR487.9m.
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