Aryzta, the Swiss-based bakery group behind brands like Delice de France and Otis Spunkmeyer, saw its third-quarter revenue climb 13.2% to nearly €1bn.
In a trading update for the 13 weeks to 30 April, the company said that underlying revenue had declined in America and that Europe had seen a downturn in France and Switzerland.
Total group revenue for the period was €973.2m and in Europe sales were €405.9m.
Aryzta’s chief executive, Owen Killian, said: “As anticipated, underlying revenue declined in North America by -6.7% in the quarter and this trend is expected to continue through Q4. Food Europe has yet to recover in Switzerland, where the consumer economy has suffered since the removal of the currency peg in January and in France due to security concerns in the quarter.
“Notwithstanding the short-term weakness in performance, Aryzta is confident the business model is intact. There is increasing evidence of cross-selling through the existing Customer Centric Strategy and this will deliver future earnings growth.”