October 8, 2019 / 5:35 AM / 9 months ago

Aryzta expects underlying core earnings growth to improve in 2020

FILE PHOTO: The logo of Aryzta is seen during the company's annual shareholder meeting in Duebendorf, Switzerland November 1, 2018. REUTERS/Arnd Wiegmann/File Photo

(Reuters) - Aryzta (ARYN.S) 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 stabilizing.

“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 realized,” 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 euros ($31.82 million).

Reporting by Linda Pasquini; Editing by Muralikumar Anantharaman

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