Sunday 18 February 2018

Revenue down at Cuisine de France manufacturer Aryzta

Kevin Toland commenced his role as CEO of Aryzta this month
Kevin Toland commenced his role as CEO of Aryzta this month
Ellie Donnelly

Ellie Donnelly

Revenue at Cuisine de France manufacturer Aryzta decreased by 2.1pc to €3.8bn in the 12 months to 31 July, according to its final year results.

Earnings before interest, taxation, depreciation, and amortization – an indicator of a company’s financial performance – fell by 31.1pc to €420m.

The Swiss-Irish group, which recently installed Kevin Toland, the former head of the DAA, as its chief executive, saw its underlying net profit decrease by a massive 42.5pc to €179m.

Read more: DAA's Toland to start Aryzta chief executive role next month

Looking at the results by market area, revenues in Europe decreased by just 0.5pc to €1.74bn, while the company recorded organic growth of 1.4pc in Europe.

However in North America the group’s revenues decreased by 5.7pc to €1.8bn, in addition organic growth in the North American market also declined by 6.3pc.

Aryzta confirmed in its statement that it had completed a new five year €1.8bn refinancing.

The company, which includes Shamrock Foods in its portfolio, said that it was refocusing on its core business to business frozen bakery and European Food Solutions businesses.

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