Aryzta shares pare huge losses as baker starts on overhaul

Shares in Aryzta fell more than 7% at one stage yesterday before sharply paring losses, as the troubled Irish-Swiss baked goods company said it plans to accelerate its management shake-up.

Driven by its North American operations, group revenues dropped 2.8% to just over €1.9bn for the six months to the end of January.

Earnings before interest, taxes and amortisation slumped over 31%, to €158.5m, its interim results statement showed.