Aryzta shares drop on flat sales

The Irish-Swiss firms ’s shares are down nearly 30% to date this year, with investors unhappy with earnings levels and investment decisions.
The Zurich-based group — formed by the 2008 merger of IAWS and Swiss bakery business Hiestand — said third quarter revenue, for the three months to the end of April, amounted to €975.2m. Currency movements meant this was up by 2.7% on a year-on-year basis but, on an underlying basis, there was no growth.