Aryzta underlying profit crashes more than 70%

first_imgAryzta has reported steep declines in profit and earnings – but insists the business is well placed for future growth.Announcing its results for the year to 31 July 2018, the international baked goods giant reported a 9.5% fall in revenue to €3,435m (£3,057m), down 1.2% on an organic basis. European revenue fell 1.6% to €1,710.6m (£1,522m), but grew 0.9% on an organic basis.Earnings were hit by factors including the butter price hike and Brexit concerns in Europe, and by labour and distribution cost increases in the US.Underlying net profit fell 72.3% to €49.6m (£44.6m), while underlying EBITDA declined by 28.2% to €301.8m (£268.7m). The firm’s EBITDA margin declined 230 points to 8.8%.The results come in the year Aryzta has made a string of senior appointments, including a new CEO, CFO, chief strategy officer, chief people officer, general counsel and new CEOs of both the North American and European businesses.Following a review, it has developed a business plan focused on the frozen bakery market. Activity has included a cost reduction programme designed to drive €200m (£178m) in savings over a three-year period with annual targeted run-rate savings.The business has also sold the Cloverhill and La Rousse business, and sold its stake in Signature Flatbreads back to its founders.“During the 2018 financial year, the board has worked to refocus the strategy, rebuild the management team and put the business back on the path to stability, performance and growth,” stated Aryzta.The company is raising up to €800m (£712m) of equity capital to reduce debt and give the business the finances to fund the turnaround programme.Aryzta said the benefits of the funding would include: improved liquidity and financial flexibility; enabling the business to maximise the value of disposals; providing greater certainty for its customers and suppliers; and providing funding for other investment projects.“After completion of the capital increase, Aryzta believes it will be well positioned to deliver on its key objectives of stabilising its business and driving performance and growth by exploiting the potential of the steadily growing frozen bakery market through strengthening customer relationships and improving operational efficiency,” stated the company.For the coming financial year, Aryzta expects underlying performance to be stable, with mid-to-high single-digit organic EBITDA growth.last_img read more

Chitkowski, Dewes lead Syracuse to doubleheader sweep of Binghamton

first_img Published on April 10, 2014 at 1:30 am Contact Matt: [email protected] | @matt_schneidman Facebook Twitter Google+ Heading into Syracuse’s doubleheader against Binghamton, Alyssa Dewes and Danielle Chitkowski had a combined four home runs on the season.Then, they matched that total in one day, each hitting two bombs to go along with a combined 10 RBIs.Syracuse (15-18, 6-7 Atlantic Coast) swept Binghamton (12-14, 3-2 America East) at SU Softball Stadium on Wednesday, winning the first game 8-0 by way of mercy rule, and the second 9-6.The entire Syracuse offense was clicking, but its bottom three hitters — the freshman Dewes, sophomore Chitkowski and junior Mary Dombrowski — went a combined 9-for-15 on the day, scoring 10 total runs.“When your seven, eight, nine help out and contribute, that just helps and takes a load off of everybody else,” SU head coach Leigh Ross said. “Today was big for the bottom of the order.”AdvertisementThis is placeholder textIn the first game, Dewes hit a two-out, three-run home run over the right-field fence to give Syracuse a 3-0 lead in the second inning.It was the freshman’s second round-tripper on the season, and first since her go-ahead homer against Campbell on March 12.“It was obviously really cold out, so I was just trying to stay focused on the pitcher,” Dewes said. “I was just going up there and hitting and not worrying about mechanics so much.”The SU offense found a rhythm in the fourth, as Chitkowski and Dombrowski each roped singles on the first pitch of their at-bats.After Shirley Daniels fouled off three pitches, she too smacked a single, bringing home Chitkowski. Two batters later, Corinne Ozanne recorded the Orange’s fourth base hit of the inning, bringing in two runners to blow the game wide open at 6-0.Chitkowski ended the game in the fifth, sending the ball soaring into the pine trees beyond the left-center field fence, giving the Orange the 8-0 mercy-rule victory.The junior had been hitting .189 on the season heading into the doubleheader, but after a 2-for-3 game with two RBIs and a walk-off, Chitkowski was pleased with her play.“Not much has been (clicking) lately, so I’m just putting in work,” Chitkowski said. “I wasn’t looking for home runs, but it’s nice.”Sydney O’Hara got the win for the Orange in game one, going the distance while striking out five and only allowing two hits for her 11th win of the year.The second game started off like the first, as the hosts got out to an early lead in the second inning.Chitkowski hit a three-run home run, which was followed by a Dombrowski double. Dewes then singled in Dombrowski before freshman catcher Nicole Lundstrom proceeded to drive in Dewes to give the Orange a quick 5-0 cushion. As it did all day, the bottom of the lineup provided the punch to the rest of the order’s success. “Our whole lineup hits really well,” Dewes said. “Everyone is pretty powerful, and you can always rely on everyone to hit that ball.”Game two starter Christina Clermont was cruising, but she hit a rough patch in the fourth inning when Binghamton nearly batted around and scored five runs to tie the game.But after a two-run single by Lundstrom in the bottom of the inning, the Orange regained a lead that it would not relinquish. Then another Dewes home run in the sixth along with an RBI single by Jasmine Watson provided the necessary insurance runs to secure the 9-6 victory and a Syracuse sweep.For a lineup that went stagnant in its last outing — when it was shut out in the second game of its doubleheader against N.C. State on Sunday — 17 runs and 22 hits was a nice turnaround.“Top to bottom in the lineup was hitting well today, and it was nice to see,” Chitkowski said. “It was really cool to see us capitalize on that and come together as a team.” Commentslast_img read more