Swiss-Irish bakery firm Aryzta, the manufacturer of Cuisine de France, has reported that revenues decreased by 2.1% to €3.8 billion in its 2017 financial year, ending 31 July.
The company's revenues in Europe decreased by 5.7% to €1.74 billion, while North America 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%).
In spite of this performance, Aryzta has also highlighted a number of positive developments that arose during the 2017 financial year.
The company says that there has been a 'significant refreshment' in its board, and a new strategic direction has been defined.
Kevin Toland, who joined the company from airport operator DAA, began his role as the company's new chief executive on 12 September, while Frederic Pflanz has been named as the group's new chief financial officer, and is set to assume his position in 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 (+35.7%).
Aryzta concludes that the best current estimate for FY2018 EBITDA is to be broadly in-line with this year's results, given the range of internal and external challenges.
© 2017 - Checkout Magazine by Sarah Harford