Zurich-based speciality bakery Aryzta has seen its Food Europe division shrink as growth falls by 1.4% in the nine months to 25 April 2009.
Its Food North America and Food Developing Markets both experienced growth or 22.7% and 14.9% respectively, resulting in an overall growth of 5.7% for its food businesses.
Group revenue for Food Europe stood at €848.9m, with volumes declining in the UK and Irish marketplace.
Chief executive officer Owen Killian said: “Consumer sentiment continued to deteriorate resulting in lower consumer spending in most channels.”
He said that revenue growth has slowed in all markets, but that the company “is very well positioned with product, channel and geographic diversity combined with a very responsive business model.”