Irish-Swiss food group Aryzta said revenue showed signs of stabilisation in the third quarter, rising 4.5 per cent year-on-year.
The group has been on a three-year programme to get the business back on track, with the quarterly results showing signs that it is beginning to pay off.
Revenue for the period ending April 30th, 2019, was €847.9 million, the group said, with currency exchange rates contributing to that.
Organic revenue growth for the group was 1.3 per cent in the quarter, with Europe rising 4.4 per cent and the rest of the world sales up 8.9 per cent. That growth was partially offset by a weaker performance in North America, where revenue fell 3.8 per cent.
Its performance in the UK and Ireland remained "challenging", the group said.
Aryzta said it was on track to deliver the promised €40 million run-rate savings in 2019, and it expected low single-digit underlying earnings growth for the year.
"We are addressing the challenges presented to our business, particularly in the North American market where sales stabilisation continues to be challenging whilst profitability has been stabilised," said Aryzta chief executive Kevin Toland.
“Continued stabilisation of the business, delivering for our customer base and realising the expected benefits from Project Renew remains our absolute focus within the current financial year.”
Shares in the Swiss-Irish company – best known in these parts for its Cuisine de France brand – lost more than 90 per cent of their value over the past five years amid a series of profit warnings, disappointing results, management changes and, late last year, a deeply discounted rescue share sale which raised €790 million.
Mr Toland presided over the sale of several Aryzta assets last year, including Irish restaurant supplier La Rousse, troubled Cloverhill Bakery facilities in Illinois, US, and its 50 per cent stake in British naan bread firm Signature Flatbreads. All told they have raised almost €140 million.
