Swiss/Irish baked goods group Aryzta reported 2.7% growth in revenue to €975m for the three months to the end of April.
Stripping out gains due to currency movement, however, the company's underlying revenue growth was zero.
The company continued to struggle in North America where underlying revenue was down 4.3%, though the pace of decline has slowed compared to the previous quarter.
Aryzta has been hit by the loss of a number of key contracts in the US and Canada.
Over the nine months to the end of April, Aryzta said group revenue was almost 1% lower at €2.88 billion.
The company has undergone a number of changes at a senior level with outgoing head of the Dublin Airport Authority Kevin Toland due to take over as chief executive before the end of the year.
Owen Killian, who led Aryzta since it was formed through the merger of Dublin-based IAWS and Zurich's Hiestand in 2008, stepped down in January.
Mr Killian had been under pressure over Aryzta's decision to buy a minority stake in French frozen baked goods retailer Picard, a deal criticised by some investors as a poor fit with Aryzta's overall business.
Shares in the company slumped almost 9% in Dublin trade today.
