Revenue at Aryzta drops 6.3pc as group focuses on improving EBITDA
Revenue at Aryzta dropped 6.3pc year-on-year as the company looks to introduce new measures to improve EBITDA.
The Cuisine de France owner also reported pre-tax loss of €231m for the six month period.
According to the H1 2018 results from the Irish-Swiss food group, revenues across Europe and the Rest of World saw improvements but North America revenues decreased 74pc to €724.2m.
In Europe, revenues increased 0.7pc to €868.3m with 1.7pc organic growth and Rest of World revenues rose 2.2pc to €131.9m with 9.1pc organic growth.
Meanwhile, group EBITDA decreased 29.6pc to €161.3m - a figure relatively new CEO Kevin Toland said the company are currently working on.
"We are actively implementing a range of measures to improve our EBITDA. We are in a multi year turnaround programme," he said.
"Under our new leadership team, we are reshaping the Group’s focus on our core B2B frozen bakery customers, improving operational efficiencies and deleveraging the balance sheet."
Last month, Aryzta completed the disposal of its Cloverhill Chicago and Cicero facilities for proceeds of €57m. The company report notes that it took an impairment charge of €151m in relation to the disposal of these assets.
The company also agreed to sell its 50pc interest in Signature Flatbreads earlier this month to its joint venture partners for net proceeds of approximately €34m.
In other news at the group, Aryzta announced that General Counsel and Company Secretary Pat Morrissey will be stepping down.
"It has been a real privilege to work at ARYZTA, a great company with great people. I wish ARYZTA under the leadership of CEO Kevin Toland and CFO Frederic Pflanz every success," he said.