Swiss-Irish bakery giant Aryzta has announced that COVID-19 will have a material impact on group performance in its financial year 2020.
The company also added that, at present, it is not in a position to gauge the extent or duration of the impact of the outbreak on its business.
Aryzta’s trading patterns for the third quarter were in line with the guidance until 15 March, after which market conditions and prospects deteriorated, it said.
The company said that it will prioritise the health and wellbeing of its employees, customers, and suppliers during the crisis.
It plans to implement flexible working policies and, where necessary, adjust available capacity to meet the rapidly changing demands in different channels.
However, the bakery firm also added that it is taking decisive action to maximise cash, reduce costs and maintain a strong liquidity position.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.