Zurich / CH. (aag) Swiss-Irish Aryzta AG announced results for the for the period ended 31 October 2018. The Company reports ongoing organic revenue stability. For the Financial Year 2019 Aryzta expects mid-to-high single-digit organic Ebitda growth (applying budget FY-2019 exchange rates on a like-for-like basis and excluding any disposals).
Q1/2019 Performance Overview
- Group revenue of EUR 862.3 million represents a 0.3 percent organic revenue increase during the quarter, reflecting ongoing stabilisation across the business, despite commercial challenges.
- Group reported revenue declined (5.2 percent) reflecting the impact of disposals (5.3 percent) and currency (0.2 percent).
- The Group achieved a significant milestone post quarter end, with a successful capital raise that generated estimated net proceeds of c. EUR 740m+ which will strengthen Aryzta’s balance sheet, provide necessary liquidity and working capital funding, and provide the Group with the time and financial flexibility to deliver on its multi-year turnaround plan.
- As previously announced, the Group expects mid to high single-digit organic Ebitda growth for FY 2019 (applying budget FY 2019 exchange rates on a like-for-like basis and excluding any disposals).
Chief Executive Officer Kevin Toland: «During the first quarter we continued to work to address the challenges facing the business. We remain resolutely focused on our core, the frozen B2B bakery market and have the management team and resolve to implement what is a multi-year turnaround strategy. We recently completed a successful capital raise that generated estimated net proceeds of approximately EUR 740 million, which will reduce debt and provide the necessary capital to implement Project Renew, our competitive re-positioning programme targeted to achieve EUR 90 million of annual run-rate savings by FY-2021. This stronger capital structure and improved liquidity will allow the management team to transition from a position of perceived commercial stress to a position of stability and instead to focus on strengthening our customer relationships, enhancing our operating efficiency, ongoing deleveraging of our balance sheet and, in time, returning the business to performance and growth.»
For additional information please read Aryzta’s PDF file below (107 KB).