Swiss-based food group Aryzta reported a 5.7 per cent increase in revenues this morning, with sales rising to €1.59 billion on the back of a 19.1 per cent jump in European sales.

Earnings (EBITA) increased by 5.6 per cent to €194.2 million in the six months to January 31st 2014, with the group’s European division reporting an increase of 18.7 per cent. Sales and earnings in the group’s North America and rest of the world divisions declined however.

On a group basis, revenues advanced by 1.7 per cent to €2.1 billion, due to a 8.8 per cent decline in revenues at subsidiary Origin, and group earnings were up by 6.4 per cent to €198.3 billion. Pre-tax profits increased by 5 per cent to €164.7 million.

Owen Killian, chief executive officer said that Ayrzta continues to make "excellent progress" with its customer centric strategy.

“We have begun to undertake consolidation opportunities to extend market share and customer relevance in what is a fragmented sector. Continued financial discipline and strong cash generation will support these growth strategies, as well as improve our overall risk profile. We are guiding double digit growth in underlying EPS for FY 2014,” he said.

Earlier this month Aryzta agreed to acquire 100 per cent of both Pineridge Bakery in Canada and Cloverhill Bakery in the US. The combined consideration of these acquisitions was € 730 million, “with further post-acquisition investments of € 70 million anticipated to support a strong growth pipeline and integration” the group said.

“Once complete, these acquisitions will significantly enlarge Aryzta’s bakery capabilities, customer access and product portfolio in North America and should provide double digit EPS accretion in fiscal 2015”.