All change at Aryzta
The Switzerland-based bakery group, facing questions over its performance from some investors, has announced the resignations of its CEO and CFO.
Switzerland-based bakery group Aryzta announced the resignation of its CEO and CFO, as well as the head of its business in the Americas, amid a strategic review that could see it sell its stake in French frozen food retailer Picard.
The pressure on Aryzta has grown this week after the Switzerland-based bakery giant issued a surprise profit warning, sending its shares tumbling and sparking speculation about the future of the company's senior management. Dean Best reports.
Aryzta today (24 January) warned the underlying earnings for its current financial year were "tracking around 20%" down on the previous 12 months, with the bakery products supplier pointing to challenges in North America and the impact of Brexit.
Aryzta has reported declining sales in the first quarter of its year, as the bakery group continued to feel the negative impact of contract renewal issues in North America.
Aryzta, the Switzerland-based bakery products supplier, this week reported a drop in annual profits, although it managed to eke out some growth on its top line. The company has faced challenges in North America in recent quarters and the numbers bore that out, with sales boosted by its businesses outside that region. just-food presents the key takeaways from Aryzta's results and looks at how the company's views its prospects for the new financial year.
Aryzta has said buying French frozen food retailer Picard remains important to its plans but the Switzerland-based bakery group has insisted whether it decides to turn into its minority stake into full ownership is subject to a series of metrics.
Swiss bakery group Aryzta today (26 September) revealed a decrease in annual profits during fiscal 2015/16.
Bakery group Aryzta has proposed the appointment Gary McGann as its chairman, replacing Denis Lucey who is retiring.
Aryzta, the Switzerland-based bakery group, missed analyst expectations for organic growth in its third quarter but nevertheless confirmed its forecast for full-year earnings.
Aryzta has indicated its business in North America can improve its performance after the Switzerland-based bakery group posted a fall in half-year sales from that market.
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