The chief executive of baked goods firm Aryzta Owen Killian has said he "regrets" having to sell down shares, admitting it was prompted by a weakness in the company's share price.
Killian sold 427,250 shares in the company, which owns Cuisine de France and Delice de France, on 14 and 15 March, as well as 750,000 fully vested options.
This morning he said: "I regret having to sell down shares at this time. This decision was triggered by the weakness in the share price impacting the collateral value of the share. It is not indicative of my confidence in or commitment to Aryzta AG and the achievement of its goals."
The share sale comes days after the Swiss-Irish firm revealed half year revenues were up just 5.5 per cent to €1.96bn, which Killian said was "still 18-24 months behind prior expectations".
Mr Killian admitted revenue development “has been erratic for the past 12 months and will be for a further 18 months as we commission and optimise our capacity”.