Aryzta reported a 13.6 percent increase in revenues during the first half of its financial year, growing to €2.39bn. While the company did show strong growth, analysts had expected bigger increases.

In the six months ending January 31st the group's earnings increased by 15.5 percent to €229m. Its underlying fully diluted net profit increased by 6.6 percent to €144.5m.

Sales of the European arm were €805m, an increase of 5.4 percent - while sales in North America increased 31.1 percent to €937m. In the rest of the world the group's sales were up by 8.5 percent to €115.6m.

An analyst note from Davy Stockbrokers says that this was a “disappointing result” for the company. It had been expected to show stronger growth in North America.

Aryzta, formed when Irish company IAWS merged with the Swiss firm Hiestand, its primary brand in Ireland is its Cuisine de France range.

Owen Killian, Aryzta chief executive welcomed the group's "substantial expansion", saying:

"Our European performance remains resilient, being well positioned and well invested to benefit from continued strong growth in the in-store bakery channel."

He continues: "Our immediate focus is to generate sustainable underlying revenue growth, while optimising our production for higher returns and increased free cash flow."

The company notes that value and luxury brands are performing strongly, but the middle of the market has seen a drop in demand.