Int’l speciality baker Aryzta confirms yielding full-year profit goal for 2011


Reuters

DUBLIN–Specialty baker Aryzta confirmed its full-year profit goal, when reporting food sales grew 9.6 percent in its first quarter, as acquisitions in Britain and Canada helped compensate for weak consumer spending.

The Switzerland-headquartered group, with stock market listings in Zurich and Dublin, expects 2011/12 earnings per share to rise 9 percent to 3.38 euros.

“We have not seen any significant change in the trading environment since September and Q1 is broadly a continuation of Q4 trends,” chief executive Owen Killian said on Monday. “Aryzta’s Q1 revenue performance is in line with expectations.”

Aryzta doubled its bakery output in its 2010/11 year when it spent 1.4 billion euros (US$1.86 billion) on acquisitions, including taking full control of Canadian venture Maidstone Bakeries. It bought Honeytop, a British flatbread business, in September for an undisclosed sum. Formed in 2008 after Irish baker IAWS bought Switzerland’s Hiestand, Aryzta sells freshly baked bread and pastries under brands like Delice de France and Cuisine de France in Europe. Its main U.S. brands are Otis Spunkmeyer and La Brea Bakery.