SHARES in Aryzta dipped yesterday after the speciality baker reported little growth during the first quarter of its year.
In an interim management statement covering the three months to the end of October, Aryzta reported group revenue of €1.1bn, up 9pc year-on-year.
Most of that growth, however, came from Origin Enterprises, the agronomy business Aryzta part-owns.
Excluding Origin, revenues rose only 7.9pc to €747.5bn, while underlying growth was almost flat at 0.9pc.
Company chief executive Owen Killian said his group had performed "satisfactorily" during the year, "given that the global trading environment remains very challenging and has not improved since our year-end results announcement in September".
The company, whose brands include Cuisine de France bread rolls, cut its long-term profit forecasts in September, taking the market by surprise. Shares fell sharply at the time and had only just recovered those losses.
The company's European market remains "very challenging, reflective of the weak macro consumer dynamics in the region and widening government austerity measures".
In Dublin, Aryzta's shares fell 1.6pc to €38.52, while in Zurich the stock dipped 0.3pc to 46.7 Swiss francs.