The headline figures in Aryzta’s results for the financial year ended on August 1 were well flagged in previous interim results, yet they make for grim reading. As revenue fell below the €3 billion mark, the frozen baked goods manufacturer’s pre-tax loss topped the €1 billion mark.  This was largely due to impairments of over €450 million on the value of its North American  business and a near €300 million loss on the disposal of the best part of its stake in French retailer Picard, both already recorded in the first half. Aryzta has now booked another €103.4 million loss…

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