Zurich, Dec 1 - Newly formed specialist bakery group Aryzta posted a 32 percent rise in first-quarter revenue on Monday and said its strong balance sheet leaves it well positioned in the current economic climate.
Revenue in the first quarter to Oct. 25 was 865.5 million euros, Aryzta said.
But the company said growth had slowed in Europe, with lower volumes in the UK and Irish markets, which were impacted by the financial crisis.
Irish baker IAWS bought Swiss peer Hiestand in a deal worth around 4 billion Swiss francs ($3.34 billion) to form Aryzta, one of the world's biggest baked goods companies in June.
Aryzta said it has a strong balance sheet with "excellent" free cash flow.
"The group is well positioned in the current trading environment with its enhanced capability and increased geographic reach," Aryzta said in a statement.