Pre-tax profits at Aryzta up 16 per cent

Revenues at food group Aryzta grew 15.8 per cent to €1.57 billion during the first six months of fiscal 2009, helped by growth in the North American market.

Aryzta, which was formed from the merger of Ireland's IAWS and Switzerland's Hiestand last August, saw underlying revenues increase in all segments of the food group.

Pre-tax profits rose 16.6 per cent year-on-year from €94 million to €110 million

Adjusted profit rose 15.4 per cent to €84 million in first six months compared to €72.8 million for the same six month period a year ago.

Profits at the group's food division were up almost 15 per cent to €73 million.

European food operating profits rose 11 per cent to €64 million but revenue growth was just 2.8 per cent. North American food profits increased 25.9 per cent to €34.3 million with revenue growth up 16.6 per cent

Operating profits at agri-business group Origin Enterprises, in which Aryzta holds a majority stake, grew 34.6 per cent to €27.2million.

Aryzta said there had been a slowdown in the food business in the Irish and UK markets and added that revenue growth for the next six months was difficult to predict given the current economic climate.