Baked foods group Aryzta has published its half year results for the six months ended 31 January 2017. The results indicate a rocky period for the group, as revenues shrank 2.8% to €1.9 billion, and EBITA declined by 31.3%.
Underlying net profit also fell by 22.4% to €109.4 million, and earnings per share were down 22.2% to 123.2 cent.
Aryzta’s European revenues decreased 2.3% to €861.8 million, while its North American revenues decreased 5.8% to €915.2 million and its rest of the world revenues increased positively by 20.3% to €129 million.
The results have forced the company to perform a ‘strategic review’ of its position and has accelerated the management transition that will see Owen Killian, CEO, Patrick McEniff, CFO/COO, and John Yamin, CEO Americas be replaced. The three executives were due to depart at the end of the financial year in July but will now leave at the end of March.
David Wilkinson has also been appointed interim CFO with immediate effect. Wilkinson is a senior partner at KPMG in Dublin and is currently had of the Advisory Practice in Ireland. He joins Aryzta on secondment from KPMG. The bakery firm will also engage an international recruitment firm to support its search for a new CEO and CFO.
The company’s statement asserted that due to these circumstances, the board is ‘not in a position to provide guidance’ to investors.
© 2017 - Checkout Magazine by Donncha Mac Cóil