Zurich / CH. (aag) Swiss-Irish Aryzta AG announced financial results for the period ended 30 April (Q3/2019). The performance shows sequential improvement in terms of Group organic revenue, Aryzta said in its statement as follows.
Q3/2019 Performance Overview
- Group reported revenue in the quarter was EUR 847.9 million representing a 4.5 percent increase year on year, helped by a positive currency movement of +3.4 percent.
- Group organic revenue growth of +1.3 percent in the quarter, a sequential improvement, reflecting ongoing stabilisation at Group level.
- Strong organic growth in Europe of +4.4 percent and Rest of World of +8.9 percent, was partially offset by a weaker organic performance in North America (3.8) percent.
- Aryzta is delivering on its multi-year turnaround plan, stabilising group revenues and improving operating efficiency through Project Renew.
- Project Renew is on track to deliver the targeted EUR 40 million run-rate savings in FY-2019, the full effect of which will benefit FY-2020 underlying Ebitda.
- Ongoing consolidation of manufacturing capacity and minor asset disposals.
- Aryzta now expects low-single-digit underlying Ebitda growth for FY-2019, in line with current market expectations.
Chief Executive’s Commentary
Chief Executive Officer Kevin Toland: «Our Q3 performance, which follows a consistent period of improving revenue performance, shows sequential improvement in terms of Group organic revenue. We are addressing the challenges presented to our business, particularly in the North American market where sales stabilisation continues to be challenging whilst profitability has been stabilised. Continued stabilisation of the business, delivering for our customer base and realising the expected benefits from Project Renew remains our absolute focus within the current financial year.» For additional information please read Aryzta’s PDF file below (94 KB).