Swiss-Irish baking giant Aryzta has posted a decline in underlying revenue of 2.2% for Full Year 2014/15.
In what chief executive Owen Killian described as a "disappointing year for shareholders as underlying revenue growth failed to materialise," Aryzta posted an overall revenue increase of 12.6% to €3,820 million in the year to 31 July, however this was largely boosted by acquisitions.
The group's Food Europe business, which includes its Cuisine De France operation, saw an increase of 3.8% to €1,647 million (+1.0% underlying growth).
The period in question saw Aryzta complete the acquisition of a controlling stake in French frozen food retailer Picard, which Killian said makes the group "strategically positioned to grow its relevance to customers through food innovation and customisation in a highly competitive market."
He added that the group's focus is "now on delivering the underlying revenue growth potential of the business, which is expected to generate a tenfold expansion in free cash generation in FY 2016 to €200m+ and building further thereafter."
© 2015 - Checkout Magazine by Stephen Wynne-Jones
