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Aryzta Posts Loss In H1; Backs FY20 View For Underlying EBITDA Growth

Swiss bakery business Aryzta AG (ARZTY.PK,ARZTF.PK) reported Tuesday that its first-half IFRS loss was 899.2 million euros, including non-cash impairment charges and losses on disposal of 898 million euros.

IFRS loss per share was 93.0 euro cents.

Underlying net profit for the first half was 34.4 million euros.

Underlying EBITDA grew 12 percent to 169.8 million euros. Group underlying EBITDA margin was 10.3 percent, down 30 bps before IFRS 16.

Total revenue declined 3.2 percent from last year to 1.66 billion euros. Group organic revenue declined 2.5 percent.

Europe organic revenue declined 2.0 percent and North America organic revenue declined 5.3 percent, while Rest of World organic revenue grew 8.6 percent.

Looking ahead, CEO Kevin Toland said, "We continue to expect to deliver underlying EBITDA growth for FY20, excluding effects of IFRS 16, as the overall business stabilises and the benefits of Project Renew are further realised."

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