Food group Aryzta has reported pre-tax profits of almost €110m for the six months to the end of January, an increase of 16.6% on the same period a year earlier.
Revenue at the company, formed by the merger of IAWS and Swiss bakery group Hiestand, grew by almost 16% to €1.57 billion. Adjusted earnings per share rose by almost 17% to 107.7 cent.
Profits at it food division were up almost 15% to €73m, with revenue 6.7% higher. European food profits rose by 11% to €64m, though revenue was up only slightly, while profits in North America were up 26% to €34.3m. North American food revenues grew by 20.5%.
Aryzta said there was a slowdown in the food business in the Irish and UK markets, though growth was 'resilient' in other European markets.
Operating profits at agri-business group Origin, in which Aryzta has a stake, rose by almost 35% to €27.2m.
Aryzta shares closed 70 cent higher at €16.95 this evening in Dublin - up over 4%.
