Speciality bakery company Aryzta has announced a 54% increase in revenues to €2.85bn for the year ended 31 July.

The company said that an increase in sales to non-European and North American markets was the main driver of growth. Underlying growth in its food group was 2.7% – though the company said that it remains “a tough economic environment” for consumers.

Aryzta spent more than €1bn acquiring two North American companies last year.

The Swiss-based company, which was formed following the merger of IAWS and Swiss company Hiestand, saw ebita increase by 55% to €322.3m.

The company has also acquired rival Honeytop Speciality Foods for an undisclosed sum.

>>Honeytop places faith in tortilla production