Shares in Swiss-Irish baked goods group Aryzta soared over 10% in early Dublin trade after it reported a narrowing of half yearly losses and confirmed its full year outlook.
Aryzta posted a net loss of €4.3m for the six months to the end of January, a marked improvement from the loss of €197m reported the same time last year.
The company, which owns Cuisine de France here, said its underlying profits came to €39.5m, a fall of 22.5% on the same time last year.
Aryzta said its total revenue declined by 4.2% to €1.710 billion. It posted organic revenue growth of 19% in Europe, while its North American revenues fell by 1.8%.
Revenues in its "rest of the world" division saw growth of 6.7% in the six month period.
Kevin Toland, the company's chief executive, said Aryzta's performance represented a first step towards the delivery of the company's multi-year turnaround commitment.
"We are developing a unified, cohesive group with a singular focus on our core strengths within a growing frozen business to business bakery market," Mr Toland said.
He said the company's "Project Renew" will enhance both its operating efficiency and its competitive position and the first half of its financial year has already delivered the expected level of savings.
Aryzta, which also makes breads under the Otis Spunkmeyer brand and hamburgers buns for McDonalds, has suffered a torrid few years after it went on an acquisition spree which loaded it up with debt.