Global Industry: Aryzta Reports FY 2017 Results

Hamburg. (bm) Swiss Aryzta AG reported a net loss of 908 million EUR for the financial year ended 31 July 2017. Annual results show revenue fell by just over two percent to 3.8 billion EUR. The company has been dogged by poor performance in the US and shareholder unease about an investment in frozen food chain Picard which led to the departure of former CEO Owen Killian and three other members of the senior management team. Aryzta has taken a non-cash charge of 860 million EUR for the year. Most of this relates to the write-down in value of its North American business where profit has nose-dived. In another statement Aryzta AG announced it had agreed a new five-year unsecured refinancing of 1.8 billion EUR. Other topics of the week:

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