Aryzta shares have fallen nearly 6% after the company’s latest quarterly figures showed revenue fell by 2.4% to €950m, dragged lower by its North American unit.
Aryzta North America posted its seventh losing quarter in a row with revenue down 7% to €473.5m over the 13 weeks to the end of April.
Owen Killian, Aryzta’s CEO said that quarterly revenues “confirm an improving trend in all regions”.
“H2 margin weakness remains in-line with expectations and guidance. We have identified further potential for improved group-wide efficiencies and cost reduction initiatives. These will enhance our future competitiveness in a market that continues to demonstrate attractive growth. However, these initiatives will lead to incremental onetime cash non-recurring costs in FY 2016. We expect to report underlying fully diluted EPS broadly in-line with consensus and to generate free cash in excess of € 200m in FY 2016,” he said
