Acquisitions boost Arzyta Food North America sales
by Eric Schroeder
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ZURICH, SWITZERLAND — Revenue within the Food North America group at Aryzta A.G. rose 16% in the third quarter ended April 30, to €419.1 million ($571.1 million), the Zurich-based company noted in a June 3 trading update. Acquisitions provided 20.1 percentage points to growth, more than offsetting a negative 6.7 percentage point impact from currency movements.
Overall, total Food Group revenues totaled €859.8 million ($1,171.7 million) in the quarter, up 15% from the same period a year ago.
“Underlying revenue in the food business increased by 3.7% in the quarter compared with the same period last year,” said Owen Killian, chief executive officer. “Overall food revenue increased by 14.9% despite adverse currency movements. The acquisitions announced on March 10 with H1 were completed in the period and contributed to the improved revenue growth.”
The acquisitions completed during the quarter included the purchases of Canada-based Pineridge Bakery and U.S.-based Cloverhill Bakery for total consideration of approximately €730 million.