Swiss bakery specialist Aryzta has announced a revenue increase of 17.2% to €1.86bn (£1.33bn) in its food group for the six months to 31 January 2015. 

Sales in its European arm increased by 5.4% to €805.1m (£573m), while its North American food division increased by 31.1% to €937.2m (£667.5m) and, in the rest of the world, sales increased by 8.5% to €115.6m (£82.3m). EBITA increased by 15.8% to €224.8m (£160.1m).

Owen Killian, chief executive, said the results underscored “the substantial expansion” of its food group business over the past six months. He also said the group’s new strategy was generating positive demand for its bakeries.

“Our European performance remains resilient, being well-positioned and well-invested to benefit from continued strong growth in the in-store bakery channel. The restructuring of our flatbread business into a 50/50 joint venture will reduce European revenues by 6% over the next 12 months.

“Our immediate focus is to generate sustainable underlying revenue growth, while optimising our production for higher returns and increased free cash flow. Weak underlying revenue growth, combined with favourable currency translation, suggests underlying fully diluted EPS at the lower end of our 7%-12% guidance.”