Pre-tax profits at food group Aryzta fell by 8.3% in its financial year to the end of July.
The company, which includes Cuisine De France amongst its brands, reported profits of €365.5m.
Revenues for the year came to just under €3.9 billion, up 1.5%. Its underlying net profits fell by 13.4% to €311.5m
The company said revenue growth had been subdued during the year by contract renewals in North America.
The firm also said it had generated €267m in cash during the year, ahead of target, and it expected to generate a further €225-275m in its current financial year.
The company said it was proposing a dividend of 0.5255 euro per share.
Aryzta has faced shareholder pressure since it purchased a minority stake in French frozen retailer Picard last August.
Last week it announced that Gary McGann was to become the company's new chairman.
Aryzta's chief executive Owen Killian said that consumer demand for high-quality speciality food is increasing, whether out of home or through modern retail, focused on freshly baked and prepared food, offering convenience and choice.
"Aryzta is strategically well-positioned to serve this increasing demand," he added.
