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Jun 1 2021, 08:15 IST/BST
ARYZTA
Q3 update – revenue improves as inflationary pressures build
DAVY VIEW
ARYZTA’s Q3 revenue performance was modestly behind our forecasts, with revenue from continuing operations +2.6% year-on-year (Davy: +4.6%). While performance was impacted by mobility restrictions through the period, we anticipate an improving trendline through Q4 as key European markets re-open. Widespread inflation is a key call-out from the release and will put pressure on price recovery over the coming quarters. The absence of full-year EBITDA guidance may weigh on the equity.
