ARYZTA AG reported organic revenue growth of 25.4% in H1, with an EBITDA increase to EUR 129.1 million. In the future, the bakery is changing its fiscal year from July ending to December ending, to align with calendar year reporting.
The upcoming financial statements will report on the 12 months from July 2022 to July 2023 and the 2023 annual report and accounts (including compensation report) for the 17 months from July 2022 to December 2023. Further performance improvements are expected for FY 2023 in all metrics, ARYZTA anticipates.
ARYZTA AG Chairman and interim CEO Urs Jordi 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. Margins were maintained through improved operational leverage and a strong focus on fixed cost controls. This increased cash generation and net profits.”
ARYZTA’s organic growth in Europe was up by 26.2%, with the Rest of World achieving 20.2% organic growth. Performance expectations were exceeded in some markets – such as France, Poland and Switzerland in Europe as well as APAC. This was particularly visible in quick-service restaurants. In European retail, ARYZTA outperformed the market in terms of both volume and value. Foodservice performance was supported by portfolio expansion as well as growth in its customer base. This strong performance was achieved against a backdrop of significantly higher cost inflation necessitating pricing of 19.3%. Pricing in Q2 increased to 20.5% up from 18.1% in Q1.
Consumer trends remained unchanged despite the price increases as bake-off remained attractively priced within the overall food basket costs.
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