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Swiss-Irish food group Aryzta said revenue fell by more than 20 per cent in the first quarter of its financial year as the ongoing Covid-19 pandemic hit its food service business.
The embattled group, which has seen a boardroom coup and the resignation of its chief executive Kevin Toland in recent weeks, said improvement in quick serve restaurants and retail channels were offset by Covid-19 related declines in foodservice as restrictions to curb the spread of Covid-19 were re-introduced in many European countries.
The group said revenue was €672.6 million for the period, with the European business down almost 20 per cent to € 333.3 million in the quarter. Volumes in the regions were down more than 15 per cent year on year. Its US business suffered a 21.4 per cent decline in revenue at €282.5 million, while €56.8 was attributed to the rest of the world, a 20.3 per cent drop from a year earlier. Volumes in both regions also dropped significantly over the period.
Aryzta owns the Cuisine de France brand in Ireland and is a supplier internationally to the likes of McDonald’s, Subway and Lidl.
Chairman and interim chief executive Urs Jordi said the results were broadly in line with expectations.
“The next phase of Aryzta’s journey back to improved performance, reduced complexity and the empowerment of local teams has commenced. Our new business model changes to a simpler country focus model with deeper customer relationships,” he said. “This will lead to organic growth, lower costs and improved margins, and all of this guided by the significantly enhanced bakery, financial and turnaround experience at governance and operational level.”
Shareholders have been agitating for an overhaul of Aryzta in recent months, with one of its largest backers Cobas involved in the September shake-up that saw Mr Jordi take over as chairman from Gary McGann.