Swiss-Irish specialty baking company Aryzta has reported a rise in its first half core earnings, but said its North American business continued to underperform.
The maker of McDonald's hamburger buns and Otis Spunkmeyer cookies had announced a series of cost-cutting measures in 2018 and 2019 to reduce debt after a failed acquisition spree.
It said today that its underlying profit before interest, tax, depreciation and amortisation (EBITDA) rose 12% to €169.8m in six months to the end of January.
Its underlying EBITDA in North America fell more than 4% in the same period.
"North America, while reporting sequentially improved revenue, is behind in terms of its EBITDA outcome," chief executive Kevin Toland said.
He added the company still saw improved performance in North America in the second half.
Aryzta repeated its full-year guidance, but said the outlook did not factor in any coronavirus effect.
In October, Aryzta said it expected its 2020 underlying EBITDA to increase compared to the previous year.
Shares in the company were higher in Dublin trade today.
