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Aryzta Q3 Group Revenue Rises 3.4%; Backs FY19 Underlying EBITDA View

Swiss bakery business Aryzta AG (ARZTY.PK,ARZTF.PK) reported Tuesday that its total revenue for the third quarter grew 4.5 percent from last year to 847.9 million euros, reflecting a 3.4 percent impact of positive currency movement. Organically, revenue increased 1.3 percent, reflecting ongoing stabilization across the business.

Aryzta Europe revenues increased 4.4 percent to 427.0 million euros, and also 4.4 percent organically. Aryzta North America revenues rose 3.8 percent to 353.4 million euros, but were down 3.8 percent organically. Rest of the world revenues increased 8.8 percent on a reported basis to 67.5 million euros, and grew 8.9 percent organically.

ARYZTA said it is delivering on its multi-year turnaround plan, stabilizing group revenues and improving operating efficiency through Project Renew, which is on track to deliver the targeted 40 million euro run-rate savings in 2019, the full effect of which will benefit 2020 underlying EBITDA.

Looking ahead to fiscal 2019, the company continues to expect low-single-digit underlying EBITDA growth.

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