Swiss and Dublin listed food group Aryzta said it was seeing steady improvement in the revenue trend of the business.
But it cautioned that it expects a "bumpy" recovery over the coming months due to the coronavirus outbreak.
In a trading update, the baked goods group said that revenue for the month of June was down 23%. This compared with its revenues slumping by 36% in May and sinking 49% in April.
From the middle of March onwards, Aryzta said it took decisive and rapid action to protect and maximise liquidity in the business.
This included pausing production in bakeries to reduce capacity in line with demand, temporary laying off some staff, availing of government relief initiatives, suspending capital expenditure and eliminating discretionary cost to the maximum extent possible.
"These actions are being kept under constant review as the group expects a bumpy recovery over the coming months," Aryzta said.
It added that it continues to be vigilant with the impact and developments of Covid-19.
"Keeping all costs under control to the maximum extent possible remains a key priority, while we will continue to adjust our business to reflect changes in the economic environment," the company stated.
In line with the loosening of restrictions in a number of markets, Aryzta said it has begun to adjust production upward using adapted shift patterns.
It noted that in Europe only one bakery is still fully paused compared to three as of April 30 and about 80% of the lines are currently operational.
In North America only one bakery is still fully paused compared to five as at the end of April, while about 90% of the lines are currently working.
About 22% of its staff are still laid off compared to about 30% as of April 30, it added.
