Organic growth was up from 17.9% to 21.6% for the period, which was mainly driven by pricing (+18.2%), as well as volume growth of 3.5%, driven by increased demand for bake-off products.
Gross margin decreased, however, the group said, due to 'significant inflation and input headwinds', and remains at below pre-pandemic levels.
According to chairman and interim CEO Urs Jordi, the bread and pastry maker's performance was achieved in a "period of challenging trading, with persistent inflation, cost of living increases, supply chain and energy costs concerns", with Aryzta ramping up its investment in new product innovation over the past 12 months.
Europe accounted for 88% of group revenue in the period, while Rest of World accounted for 12%.
'Further Improvement' Expected
Looking ahead to the coming financial year, the Cuisine de France parent expects to see 'further improvement in all key metrics', with mid- to high-teen organic growth driven by volume and price, while EBITDA margin expansion is expected to be supported by growth, efficiencies and cost discipline.
"Our strategy remains focused on organic growth, operating efficiencies and strict cost discipline," Jordi commented. "This will generate free cash flow to deleverage total net debt below 3x by 2025.
"We remain on track to deliver further improvements across all key metrics in line with our guidance for the remainder of 2023 and reiterate our mid-term 2025 targets. Achievement of total net debt leverage of less than 3x will open up attractive refinancing options.”