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Aryzta July Trading Improves In Line With View; Liquidity Better Than Expected

Swiss bakery business Aryzta AG (ARZTY.PK,ARZTF.PK) reported Tuesday that its trading in July continued to improve in line with expectations. The company also said its liquidity position is better than expected.

In its trading update, Aryzta said it has seen further improvement in the revenue trend of the business in July, currently tracking to an negative organic revenue evolution of about 18 percent for month to date to July 25. This is compared to negative organic revenue evolution of 23 percent in June, 36 percent in May and 49 percent in April.

In Europe, monthly negative revenue evolution of about 20 percent. The company said most economies are re-emerging from lockdown but there is concern about a second wave of restrictions in some countries.

In North America, monthly negative revenue evolution is tracking at about 15 percent. Sales are improving but are still experiencing volatility as some States and major cities reinstate restrictions.

In Rest of World, the monthly negative revenue evolution is tracking at about 20 percent. Similar to all other regions, Foodservice remains negatively impacted.

Further, ARYZTA said it has adjusted production upward using adapted shift patterns. However many lines are still operating at reduced capacity.

ARYZTA said it continues to actively manage production capacity to match demand as it improves over time. The company continues to expect a bumpy recovery over the coming months.

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