Aryzta earnings drop by 31%

The group also has a new CFO...

Aryzta earnings drop by 31%

CuisinedeFranceIreland, Facebook

Aryzta's half year results show a 2.8% fall in revenue - the Swiss-Irish group took in €1.9bn.

The group's EBITA (earnings before taxes, interest and amortisation) fell by 31% to €158.5m for the six month period.

Its chief executive Owen Killian, the head of its US division John Yamin, and chief financial officer Patrick McEniff will all have left the company by the end of this month - they had originally intended to leave during the summer.

Today's filing shows that its EBITA (earnings before taxes, interest and amortisation) fell by 31% to €158.5m for the six month period.

Its shares are down by 7%.

The main shortfalls have been in North America where it has lost major contracts and labour costs are increasing.

It has also been affected by the pound's Brexit slump.

The company has also announced that David Wilkinson - who has been serving as a senior partner with KPMG in Dublin - will take over as its CFO with immediate effect.

Its main interest in Ireland is its Cuisine De France range.

The company issued a profit warning last month. Commenting on that announcement CEO, Owen Killian, said: "The performance in the current period is both unexpected and extremely disappointing."