Aryzta North America posted revenue of €704 million ($800.8 million) in the six months ended Jan. 31, which was down 1.9% from the same period a year ago. Organic revenue was down 5.3%, with price/mix growth of 0.7% partially offsetting volume declines of 6%.

Underlying EBITDA at Aryzta North America in the first six months of fiscal 2020 totaled €46.51 million ($52.91 million), down 4.4% from €48.67 million a year ago. EBITDA margin eased to 6.6% from 6.8%.

“North America, while reporting sequentially improved revenue, is behind in terms of its EBITDA outcome,” said Kevin Toland, chief executive officer. “Factors impacting North America profitability are being addressed, and we expect an improved performance in H2.

“Aryzta continues to make strategic and financial progress with our portfolio refocus to a frozen B2B business now complete. Our net debt is at its lowest level since 2013 with a leverage ratio below 2x. We continue to expect to deliver underlying EBITDA growth for FY20, excluding effects of IFRS 16 (International Financial Reporting Standard), as the overall business stabilizes and the benefits of Project Renew are further realized.”

Zurich-based Aryzta Group companywide had first-half revenue of €1.66 billion ($1.89 billion), which was down 3.2% from the previous year’s first half. Aryzta Europe had revenue of €807.3 million, down 6.1%, and Aryzta Rest of the World had revenue of €144.9 million, which was up 8.9% from a year ago.

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