Aryzta to refocus on European arm

Cuisine de France owner Aryzta is to refocus its attention on its business-to-business frozen bakery and European food solutions divisions as challenges at its North American arm continue to eat into group earnings.

The Irish-Swiss baked goods group — formed through the 2008 merger of IAWS and Swiss group Hiestand — yesterday reported revenues of €3.8bn for the 12 months to the end of July, representing a 2.1% decline on the previous year.

Earnings — on an EBITDA basis — fell by over 31% to €420.3m and underlying net profit fell by 42.5% to €179m. A non-cash impairment charge of €860m — relating to goodwill, intangibles and fixed assets — was incurred in the period.