Swiss and Dublin listed food group Aryzta has said it expects underlying core earnings growth to improve in 2020.

The company said it was beginning to see the benefits of its cost-and-debt cutting programme kicking in while its North American business was 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," chief executive Kevin Toland said today. 

The maker of McDonald's hamburger buns, Otis Spunkmeyer cookies and Cuisine de France produce posted a reduced full-year loss of €29m.

Last week the company said it was selling off the majority of its holding in the French frozen foods group Picard.

The group sold 43% of its stake in the group to Invest Group Zouari for €156m, adding that it will retain a 4.5% stake in Picard.

The company's share price has lost over 90% of its value in the last five years against the backdrop of profit warnings and poor results.