Aryzta has reported a 24% increase in total revenue in the first half of its financial year.
According to the Cuisine de France owner, earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased to €129.1 million during the period.
Urs Jordi, Aryzta AG chairman and interim CEO, commented, “Aryzta's business performance improved across all our key metrics as our strategic plan continues to deliver. Revenue and organic growth both improved despite unavoidable pricing to recover significant cost inflation."
Jordi noted that margins were maintained through improved operational leverage and strong focus on fixed cost controls.
"This increased cash generation and net profits. It also facilitated the planned redemption in full of the €200 million Euro Hybrid bond which improves our capital structure and reduces interest costs," he said.
"Our performance reflects the step by step implementation of our bakery strategy as we focus on operational performance improvements within the businesses. We continue to benefit from market share gains as the competitive advantages of bake off drive volume and value”.
Current trading and consumer trends remain unchanged, the bakery firm noted.
Inflationary trends continue across all inputs with significant price volatility at elevated levels, it added.
Despite this challenging trading environment, the expectation is to 'deliver further improvement in all key metrics for its full year 2023'.
Read More: Aryzta Reports Organic Revenue Growth Of 17.9% In FY 2022