Swiss-Irish bakery firm Aryzta has reported that revenues decreased 2.1% to €3.8 billion in its full financial year, ending 31 July 2017.
In Europe, the company's revenues decreased by 5.7% to €1.74 billion, while its North America business saw a 5.7% decline to €1.8 billion. However, in the rest of the world, revenues increased by 15.8% to €259 million.
Underlying net profit fell to €179 million (-42.5%), and EBITDA was down to €420.3 million (-31.1%).
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In spite of the drop in revenue, Aryzta has highlighted a number of positive developments that arose during the 2017 financial year.
The company says that there has bean a 'significant refreshment' in its board, and a new strategic direction has been defined.
Kevin Toland began his role as the company's new chief executive on 12 September, while earlier this month Aryzta announced the appointment of Frederic Pflanz as its new chief financial officer, starting January 2018.
The group also added that its joint ventures, which includes a stake in frozen foods group Picard, performed well, contributing €21.3 million to the business.
Aryzta concludes that the best current estimate for FY2018 EDITDA is to be broadly in-line with this year's results, given the range of internal and external challenges.
© 2017 European Supermarket Magazine. Article by Sarah Harford.