Half year results from troubled food company Aryzta show a revenue decrease of 2.8pc while EBITA (earnings before income, taxes and amortization expenses) is down 31.3pc to €158.5m.
It also announced that it is undergoing a strategic review of its joint venture investment strategy. The company's share price fell from €30.60 to €27.90 this morning in light of today's results.
Today’s interim report is for the six months to January 31, 2017, and underlying net profit decreased 22.4pc to €109.4m and that it had extended €614m term loan maturity to February 2019.
Aryzta’s revenue was worst hit outside of Europe and the US, which recorded a drop in revenues of 2.3pc and 5.8pc respectively. Rest of world revenues increased by 20.3pc.
Further, the company announced that senior staff CEO Owen Killian; CFO/COO Patrick McEniff and CEO Americas John Yamin will depart the company on March 31 - it had originally been announced that they would leave by the end of July.
The Board of Directors of Aryzta has appointed an interim CFO, David Wilkinson, with immediate effect. Wilkinson is on secondment from KPMG, where he is a senior partner to support the Executive Management team during the management transition process.