Specialist bakery group Aryzta today (1 December) posted a 32% rise in first-quarter revenue and said the company continues to have a “strong balance sheet with excellent free cash flow”.
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The bakery group, which was formed by the merger of IAWS and Hiestand, said that for the period ended 25 October, revenue was EUR865.5m (US$1.09bn).
“Food is a very resilient and stable business,” Owen Killian, CEO, said in teh group’s trading update. “We have excellent products and trusted brands combined with a strong service network. We work with our customers to be positioned in the right space and are focused on servicing the changing needs of consumers in this current economic climate.”
The company said it had experienced a slowdown in growth in Europe, particularly in the UK and Irish markets, which saw reduced volumes impacted by the financial crisis.
Aryzta said its Food North America division has maintained its accelerated revenue growth with an underlying increase of 19.5% in the period.
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