Switzerland-based frozen baked goods giant Aryzta has posted a decline in revenues for the nine months ended 25 April.

The company, formed by the merger of IAWS and Swiss bakery group Hiestand last year, said today (2 June) that underlying group revenues dipped 0.7% to EUR2.4bn (US$3.4bn)

However, when the impact of acquisitions and disposals, Aryzta experienced sales growth of 7%.

Its US business saw sales climb 22.7%, although sales at the company’s European operations fell by 1.4%.

Volumes continued to decline in the Irish and UK marketplace, while in Aryzta’s other main European markets of France, Switzerland and Germany, revenue growth slowed.

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Owen Killian, CEO of Aryzta, said: “Consumer sentiment continued to deteriorate resulting in lower consumer spending in most channels. This combined with the continuing credit crunch poses challenges for most of our customers.

“Revenue growth has slowed in all markets and was negative in our food business in Europe. Aryzta remains focused on driving operational efficiencies and generating free cash flow”.

The company said it remains on target to achieve average earnings per share of EUR2.14 for the current year.