Aryzta has announced that its revenue has fallen by 2.8% to €1.9bn (£1.6bn) for the six-month period ended 31 January 2017.

H1 results revealed that European revenues decreased by 2.3% to €861.8 million (£752m), North American revenues by 5.8% to €915.2m (£799m) while rest of world revenues were up by 20.3% to €129m (£112m). Underlying net profit at the company decreased by 22.4% to €109.4m (£95.7m). EBITA declined by (31.3%) to €158.5m (£138m).

In its statement, Aryzta said it had continued with a “strong cash generation” of €99m (£86m) and reduced its financing costs by €26m (£22m).

A strategic review of joint ventures investment strategy is underway and the board of directors have issued that it is not in a position to “provide guidance”.

As well as its results, Aryzta has announced the appointment of David Wilkinson as the company’s interim chief financial officer (CFO) with immediate effect.

Wilkinson joins Aryzta to support the executive management team following the announcement that Owen Killian, CEO of Aryzta and three other senior figures will be leaving the bakery business from 31 March 2017, rather than the end of July as previously announced.

Wilkinson will report directly to the chairman of the board until a new CEO is appointed. An Aryzta statement said: “This senior team, together with executive management, will ensure Aryzta remains fully focused on delivering for its customers during a period of transition.

“Aryzta will engage a leading international recruitment firm to assist the nomination and governance committee in the task of recruiting a new CEO as well as a permanent CFO.”