Revenue down at Cuisine de France manufacturer Aryzta
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.
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.