Aryzta shares slide on poor update

Shares in Cuisine de France owner Aryzta slid nearly 7% yesterday after the company reneged on assurances it wouldn’t incur any restructuring costs this year and said around 2% of its global workforce may be cut as part of ongoing cost-cutting initiatives.

In its third quarter trading update – covering the three months to the end of April - the Zurich-headquartered group yesterday said its current year’s performance will be hit by one-off restructuring costs relating to cost reduction moves.

One Zurich-based analyst noted that as the company hadn’t expected any restructuring costs at the time of its interim March results, the latest statement shows “Aryzta continues to operate with very low visibility.”