Aryzta's food business has reported revenues of €800.9m for the six months to the end of January, down 7.4% from the same time the previous year.
Operating profits for the six month period were steady at €106.5m, with underlying net profit growth of 1.1% to €73.8m. Pre-tax profits at the food division, which includes its Cuisine de France range, came in at €90.6m
Revenues for the entire group, which includes Origin Enterprises, fell by 11.3% to €1.394 billion as group operating profits declined by 9.8% to €114m. Group pre-tax profits fell to €103.9m.
Aryzta was formed in 2008 from the merger between IAWS and Swiss bakery group Hiestand.
'The global economic recovery has yet to reach consumers who continue to adjust their patterns of spending in response to tough economic conditions,' commented the company's chief executive Owen Killian.
He added that credit availability remains difficult for many customers.
Aryzta said that among the European countries, the economic decline in revenue is still most evident in Ireland and the UK.
The company said that it continues to focus on cash generation and operating efficiencies and confirms existing guidance on underlying earnings per share of 224 cent for the full fiscal 2010.
Shares in the company closed up just under 2% to €28.70 in Dublin.
