Aryzta’s European arm experienced a 1.6% growth in revenue to €321.2m (£260.8m), while underlying growth declined by 0.2%, in its first-quarter financial results.

The Swiss-based speciality bakery firm, which owns brands such as Delice de France, La Brea and Honeytop, published its latest financial results this morning (3 December) for the 13 weeks to 31 October.

It revealed a 9% increase in Group revenue to almost €1.1bn (£892m), alongside a 7.9% rise in its food business’ overall revenue to €747.5m (£607m) during the first quarter.

Aryzta said the drop in underlying revenue in its European Food business during Q1 “illustrates a sequential improvement, compared to the larger declines experienced over the previous three quarters”.

Owen Killian, chief executive, Aryzta, said: “Our performance during the period was satisfactory, given that the global trading environment remains very challenging and has not improved since our year-end results announcement in September. As previously highlighted, FY 2013 will be another year of substantial transformation and reorganisation for Aryzta.

“Based on the Q1 performance, we continue to view the outlook and guidance issued with our 2012 full-year results as valid.”

He added that Aryzta Europe remains very challenging, reflective of the weak macro consumer dynamics in the region and widening government austerity measures.

Looking ahead, Aryzta said: “Our strategy to deal with this challenging market environment remains the completion of its reorganisation and transformational ATI program. Based on the continued progress of this program, and the performance during the period, our previous outlook and full-year guidance of 5-10% growth in underlying fully diluted EPS remains unchanged, despite the overall challenging trading conditions related to weak consumer dynamics.”