Shares in Cuisine de France owner Aryzta slump by 10%

Shares in Cuisine de France owner, Aryzta fell by almost 10% yesterday — making it one of the day’s worst performing European stocks — after the group forecast “erratic” revenue performance for the next 18 months.

The Swiss-Irish baked goods producer — which grew out of the 2008 merger between IAWS and its Swiss counterpart, Hiestand — yesterday reported a 5.5% increase in first half revenues (for the six months to the end of January) to €1.96bn and a 2% rise in underlying net profit to €141.1m.

However, underlying growth remains behind target and net income missed analyst consensus by 2%. The group’s share price was down by 9.77% at €44.