€218m profit for Cuisine de France

Cuisine de France owner Aryzta AG today reported pre tax profits of €218m at its food division for the year ended July, 2008.

Revenues grew by 2.5% to €3.212bn.

Goodbody stockbrokers said the results were well ahead of forecasts.

Chief executive, Owen Killian, said they remained focussed in these very challenging times on cash generation and improved efficiency throughout all its divisions.

The speciality baking group which also owns the La Brea brand was formed by the merger of the IAWS group and Swiss firm Hiestand Holdings AG in 2008.

Also today, Origin Enterprises, in which it has a 75% stake, reported group operating profits of €75.7m for the same period.

Revenues for Origin — whose brands include Shamrock, Odlum, Roma, Gouldings and Masstock — came in at €1.5bn.

The company took a write down on the value of its property portfolio of €134.5m during the period.

It made a provision for unspecified costs associated with the closure this month of the Odlums flour mill in Cork.

Davy stockbrokers described both sets of results as impressive, but said the companies faced challenges due to the world economic downturn.

However, it pointed to the firm’s ability to finance future development plans from internal resources.

Article courtesy of the Evening Echo newspaper.