Zurich / CH. (aag) Swiss-Irish Aryzta AG announced financial results for the period ended 31 October (Q1/2020). Revenue is in line with expectations, Aryzta said in its statement as follows.
Q1/2020 Performance Overview
- Group organic revenue declined by (2.5) percent during the quarter. Aryzta Europe organic revenue declined by (0.9) percent, reflecting our focus on profitable revenue. Aryzta North America organic revenue declined by (6.1) percent, as previously indicated. Aryzta Rest of World had another strong performance with organic revenue growth of 7.5 percent.
- Group reported revenue declined by (2.1) percent to EUR 843.9m, reflecting the impact from disposals of (1.6) percent and a positive currency impact of 2.0 percent.
Chief Executive’s Commentary
Chief Executive Officer Kevin Toland: «FY-2019 established foundations on our path towards stability, performance and growth and Q1 FY-2020 revenue has performed in line with our expectations. The negative Q1/2020 organic revenue performance in our North American business was indicated at the time of our FY-2019 results. Whilst we expect Q2/2020 revenue in North America to remain negative, we expect to see positive evolution emerge in H2-2020 as new contract volumes are realised. We expect further underlying Ebitda growth at a Group level for FY-2020 as the benefits of the second year of Project Renew are being realised.» For additional information please read Aryzta’s PDF file below (91 KB).
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