Swiss-Irish baked goods group Aryzta has reported a drop in underlying net profit in the year to the end of July.
The group, which includes Cuisine De France amongst its operations, reported a net profit of €360m - down 4.7% year on year.
Total revenue at Aryzta was up 12.6% to €3.8 billion, boosted by acqusitions.
The company said the year had been a disappointing one for shareholders, but it was now focused on growing its revenue into 2016.
As part of this, Aryzta said it had now completed its transformation to a company fully-focused on speciality food.
This involved its sale last week of its 29% stake in agri-services business Origin Enterprises and its recent acquisition of a 49% stake in French food retailer Picard.
Aryzta said today that revenues in its European operations rose by 3.8% to €1.647 billion, while its North America revenues soared 22.4% to €1.942 billion.
Revenues in its operations in the rest of the world grew by 4.7% to €231m, the company added.
"Aryzta has been in constant evolution to remain relevant to consumers as changing consumer trends negatively impacted parts of our business," commented the company's chief executive Owen Killian said.
"This involved significant capital investment of €1.3 billion and acquisitions of €2.4 billion to reposition the business since 2010. Aryzta is now fully focused on speciality food, with the divestment of our Origin investment and reinvestment in Picard," he added.