Food group Aryzta upbeat despite 8% decline in annual profits

Shares in Irish-Swiss baked foods group Aryzta fell by nearly 2% yesterday on the back of a significant fall in annual profits and management suggesting volume declines and contract renewals will negatively impact its 2017 earnings capability.

The group, formed by the 2008 merger between IAWS and Switzerland’s Hiestand, yesterday reported pre-tax profits of €365.5m for the 12 months to the end of July; down by 8.2% on the previous year’s total.

Group revenue was up by 1.5%, however, to just under €3.9bn thanks to favourable exchange rates.