Shares in speciality bakery group Aryzta plunged more than 25% on Thursday after the company issued a profit warning as well as details of a €200m cost-cutting plan. The sharp drop in Aryzta’s share price saw close to €450m wiped off the value of the company in minutes.

Shares in Aryzta are at an all-time low, trading at €13. At their peak, shares in Aryzta were trading above €70. Since the start of 2018 alone, the value of Aryzta shares have crashed more than 60% as the business continues to struggle. Aryzta chief executive Kevin Toland has described the current market conditions as "very challenging".

In contrast, shares in convenience food group Greencore have rallied more than 18% in the last week to £1.84 after the company announced first-half profits of £86.5m, a 9% increase year on year. Six-month revenues increased by almost a quarter (+23%) to £1.24bn.

Operating profits grew by 8% in the period to £60m, although profit margins tightened from 5.5% to 4.8%.

Of the other listed Irish agribusinesses, shares in Glanbia have risen almost 4% in the last week to €15.16, while Kerry Group shares are up 2.5% in the week to €91.85.

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Aryzta announces €200m cost-cutting plan as margins remain ‘below expectations'