Food group Aryzta has reported pre-tax profits of €444.1m for the year to July, up 12.9% on the previous year.
The food company, formed from the merger of IAWS and Swiss bakery group Hiestand, reported a 8.5% increase in group revenue to €4.2 billion.
It said its performance for the 12 month period was ''satisfactory'' given the challenging macro environment.
''Weak consumer spending affected our customers and the impact of government austerity measures was particularly noticeable in Europe,'' commented the company's chief executive Owen Killian.
He added that resurgent food inflation adds additional challenges for the company and its customers.
The Aryzta chief executive said the company has no great expectation of any recovery in consumer behaviour in its new fiscal year.
He said the company expects underlying fully diluted EPS growth to broadly mirror this year's results with an increase of 5-10%.
Aryzta owns almost 69% of Origin Enterprises, which reported a 3.1% increase in revenue to €1.34 billion.