Aryzta said it expects underlying core earnings growth to improve in 2020, as the Swiss-Irish frozen baked goods company sees the benefits of the cost-and-debt cutting program kicking in and the North American business stabilising.
"We will see a further period of negative organic growth in H1 in the North American market with positive evolution expected in H2 as new contract volumes are realised," CEO Kevin Toland said in a statement on Tuesday.
The maker of McDonald's hamburger buns and Otis Spunkmeyer cookies, which last week announced the sale of its stake in French business Picard as it seeks to cut debt, posted a reduced full-year loss of €29 million ($31.82 million).
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