Aryzta shares drop on flat sales

Shares in Cuisine de France owner Aryzta fell by nearly 9% yesterday on the back of the group reporting flat quarterly underlying revenues and a fall in business in North America.

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.