Global food group Aryzta AG has reported third-quarter revenues of €1.02 billion, an increase of 24.2 per cent from a year earlier.

The Swiss firm doubled bakery output as a result of acquisitions announced one year ago resulting in a 55 per cent increase in food revenue in the first nine months of the financial year.

The group’s total revenues for the nine months to April 30th grew 31.6 per cent to €2.92 billion, with underlying growth of 5.5 per cent.

Arysta's Food Europe revenues grew by 13.5 per cent in the third quarter to €296.1 million, with acquisitions contributing 8.2 per cent. However, despite growth in the European markets, the company stressed that the UK and Ireland markets were still moderately in decline.

In its third quarter trading update, the company noted that the foodservice market in North America is showing signs of recovery, with revenues at Food North America growing 129 per cent in the third quarter to €310.6 million.

Aryzta chief executive Owen Killian said: “We are encouraged by the underlying revenue trends which show modest growth, reflecting a fragile recovery in consumer activity in most markets".

Mr Killian added that food raw material inflation was continuing and showing no signs of abating.