Swiss-Irish bakery firm Aryzta has reported that revenues decreased by 2.1%, to €3.8 billion, in its full financial year ending 31 July 2017.
In Europe, the company's revenues decreased by 5.7%, to €1.74 billion, while its North American business 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%).
Strategic Direction
In spite of the drop in revenue, Aryzta has 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 began his role as the company's new chief executive officer on 12 September, while earlier this month, Aryzta announced the appointment of Frederic Pflanz as its new chief financial officer, starting January 2018.
The group also added that its joint ventures, which include a stake in frozen-food group Picard, performed well, contributing €21.3 million to the business.
Aryzta concludes that the best current estimate for FY2018 EBITDA will be broadly in line with this year's results, given the range of internal and external challenges.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.
