Cusine De France Owner Misses Targets With Decline In Global Revenues
Owner of Cusine De France, Aryzta has reported revenue increase of 5.5% to €1,960 million and underlying growth of 0.2%, for the six months ending 31 January, 2016
In Europe, revenues increased by 9.5% to €881.7 million, however Aryzta’s North American business saw a 4% decline, with revenues only growing by 3.6%.
Across the rest of its global markets, Aryzta has reported a fall in revenue of 7.2% to €107.3 million.
Commenting on the results, Aryzta Chief Executive Officer Owen Killian said, "Underlying revenue growth momentum continued to improve, although still 18 - 24 months behind prior expectations."
The company now expects growth over the next year to be 'erratic', while its shares fell by 5.7 per cent as of 9:20 am in Zurich, following the announcement of the results.
However, Killian noted, "Aryzta is well-invested and well-positioned to grow, because its recently invested infrastructure is the most relevant and most competitive for this market."
© 2016 - Checkout Magazine by Jenny Whelan.