Cuisine de France owner Aryzta has posted organic revenue growth of 17.9% in its financial year ended on 30 July 2022.
Total revenue increased by 15.1%, to €1.8 million, during the financial year, while underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) increased from €173.4 million to €218.8 million.
The bakery giant reported an underlying net profit of €45.6 million during the period.
In a statement, the company noted that its strong financial performance reflected the benefits of the significant changes and reorganisation made over the past two years – to reduce costs, simplify the organisation structure, and focus on profitable organic growth.
‘Consolidation Of Business Model’
Commenting on the results, Urs Jordi, Aryzta chairman and interim CEO, said, “This [performance] reflects the benefits of the significant business performance acceleration and structural and operational changes undertaken. The consolidation of our business model has significantly progressed, and we are improving on all levers of value creation.
“This has supported the significant improvements in our financial position during the past year. Aryzta has lower total net debt. While being in the middle of a challenging period of cost inflation, nevertheless, we expect to report further improvements in our performance in the full year 2023.”
According to the company, the current trading trends remain unchanged despite the challenging macro environment, and the recently published midterm guidance for the 2023-25 period is reiterated.
Aryzta announced that, following the unanimous request by the board, chairman Jordi has agreed to continue as interim CEO until 31 December 2024, when the board will have selected a permanent officer.