Aryzta's revenue up 54%

Baked goods company Aryzta has announced a 54 per cent increase in revenues to €2.85 billion for the year ended July 31st, due primarily to two major acquisitions last year.

An increase in sales to non-European and North American markets was the main driver of growth. Underlying growth in its food group was 2.7 per cent, as consumer confidence improved, though the company said that it remains "a tough economic environment" for consumers.

Aryzta spent more than $1 billion acquiring two North American companies last year.

The Switzerland-based company, which was formed following the merger of IAWS and Swiss company Hiestand, saw ebita increase by 55 per cent to €322.3 million. It reiterated its earnings goal for 2013.

Last week Origin Enterprises, in which Aryzta has a 71 per cent shareholding, posted a 40 per cent rise in pre-tax profits to €62.5 million.