Total revenue increased by 15.1% to €1.8 million during the financial year, while underlying EBITDA increased from €173.4 million to €218.8 million.
The bakery firm reported an underlying net profit of €45.6 million in the period.
Aryzta AG chairman and interim CEO Urs Jordi commented, "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 FY 2023.”
In Europe, the company saw organic revenue increase by 19.3%, while underlying EBITDA margin increased by 80 bps to 11.7%.
Its Aryzta Rest of World division reported organic revenue growth of 10.5%, with an underlying EBITDA margin of 17.5% reflecting an increase of 390 bps.
All channels across its business performed strongly, achieving double-digit organic growth, Aryzta added.
Food service revenue increased by 31.5%, QSR revenue increased by 16.5% and retail grew by 12.2%.
'Significant Inflation Challenges'
Aryzta reiterated its recently published mid-term guidance for 2023-2025 and hopes to report further improvements in the financial year 2023.
The company added that the entire industry continues to face significant inflation challenges as war, supply chain disruptions and elevated demand drive inflation across all inputs.
It anticipates further price increases as it foresees little respite in these trends in the near term.