Swiss Irish baked goods group Aryzta has reported a pre-tax loss of €231.8m for the six months to the end of January.

This compares with a loss of €139.7m the same time the previous year.

The company - which owns the Otis Spunkmeyer and Cuisine de France brands - said its revenue for the six months fell by 6.3% to €1.787 billion.

Aryzta said it took a €151m impairment charge related to the sale of its troubled US business Cloverhill in February.

The Illinois based bakery was a major supplier to a number of popular brands, but lost business after a decision to begin shipping its own products to retailers in direct competition with its customers.

Issues with undocumented workers at Cloverhill and a failed strategy led to a $1 billion net loss in 2017. 

However, the company said today that it had completed its refinancing and would not call a €400m hybrid bond in April. 

Aryzta said it was on track to dispose of assets worth more than €450m as it seeks to cut debt and improve earnings before interest, taxes, depreciation and amortisation (EBITDA) that in the first six months fell nearly 30% to €161m.

"We are actively implementing a range of measures to improve our EBITDA. We are in a multi year turnaround programme", commented the company's chief executive Kevin Toland. 

"Under our new leadership team, we are reshaping the croup's focus on our core business to business frozen bakery customers, improving operational efficiencies and deleveraging the balance sheet," he added. 

Today's results show that revenues at Aryzta's European divison rose by 0.7% to €868.3m but its North America revenues decreased by 7.4% to €724.2m. 

Revenues in the "Rest of World" division grew by 2.2% to €131.9m.

Meanwhile, Aryzta's management shuffle continued today, with its General Counsel and Company Secretary announcing he is stepping down from the company.

Pat Morrissey told the board he intends to leave, prompting a search for his replacement, the company said in a statement.

In less than a year, Aryzta has swapped out several executives including its chief executive Owen Killian and its chief financial officer Patrick McEniff.

Shares in the company closed with a marginal loss in Dublin trade today.