Profit warning sees €1.2bn wiped from Aryzta value
The slump followed the publication of another underwhelming trading update from the baked goods group, in which management warned first half earnings will be around 20% down on a year-on-year basis.
Aryzta’s financial year runs to the end of July. While the Brexit vote and operational difficulties in mainland Europe have blighted the first five months of the year, the real underperfomance has stemmed from the North American operations, where revenue has fallen and labour inflation costs have been higher than expected.
