Underlying earnings at Swiss-Irish food group Aryzta fell 6.3pc on a like-for-like basis to €170m in the six months to January.
The company, which makes the burger buns for McDonalds, saw its total revenue decline 3.2pc to €1.65bn during the period, according to interim results from the group.
Aryzta has refocused its portfolio into a frozen business-to-business bakery company.
Meanwhile, its net debt is at its lowest level since 2013.
In Europe, underlying ebitda was €100.7m, up 2.8pc on a like-for-like basis.
However, in the North American market, underlying ebitda fell by 23pc to €46.5m, while the rest of the world reported a 3.5pc decline in ebidta to €22.7m.
In the near-to-medium term, the North America underlying ebidta margin expectation has been revised to high-single digits.
Aryzta CEO, Kevin Toland, said factors impacting North America profitability “are being addressed” and the company expects an improved performance in the second half of the year.
Elsewhere, the company said its cost savings initiative - Project Renew – is “gathering momentum,” with cumulative savings of €57.4m since its launch.