Bakery group reports adjusted profit of €159m

Aryzta, the newly formed specialist bakery group, today reported full-year adjusted profit of €159.6m and revenue of €3.13bn.

The company was formed from the merger in August of food group IAWS and Swiss rival Hiestand.

IAWS is best known in Ireland for its large range of Cuisine de France breads and confectionery, which are sold in a wide range of local supermarkets throughout the country.

IAWS is also a major player in the world of agribusiness.

Today’s financial results show that IAWS made pre-tax profits of €186.7m for the year, while revenues jumped by 39.5% to €2.66bn.

Aryzta said both Hiestand Holdings and IAWS delivered strong performances over the period.

“The year was marked by further strong growth in both businesses,” said chief executive Owen Killian.

Hiestand grew revenue by 14.5% in the six months to June 30, with operating profit up by 20.2% to €24.7m, as increased distribution and greater efficiencies took place over the six months.

“The birth of Aryzta creates a global business with geographic, customer and product diversification and leading positions in the growth area of the speciality bakery market. From this base and with this underlying momentum, Aryzta can look forward with confidence to further sustained earnings growth and development,” Mr Killian added.

Article courtesy of The Evening Echo

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