Owner of Cuisine de France issues fresh profit warning
Shares in troubled Cuisine de France owner Aryzta slumped as much as 22% yesterday as it issued a fresh profit warning - the first under new chief executive Kevin Toland.
The Swiss-Irish food group has been trying to navigate its way out of trouble for the past year.
Kevin Toland, the former chief executive of Dublin Airport operator DAA, took up the CEO mantle at Aryzta last September, and is charged with spearheading a turnaround programme.
Aryzta said that its earnings before interest, tax, depreciation and amortisation (EBITDA) in the 12 months to the end of July, excluding currency movements and disposals, are now likely to be 15% below the €420m (£368m) reported in the previous financial year.
It had expected the current year's number to be broadly in line with that of 2017.
It noted that EBITDA weakened in the three months to the end of December in both Europe and the United States "with this trend not expected to reverse for the remainder of full-year 2018". Mr Toland said that Aryzta's revamped senior executive team is "fully focused" on meeting the challenges facing the business.