In Europe, revenue increased by 24.2%, to €473.9 million during the quarter, with France, Switzerland, Poland and Germany performing well.
In the rest of the world, the company generated revenue of €60.0 million, up 14.3% year-on-year.
In the first nine months, revenue grew by 23.8% to €1.6 billion. The European business generated €1.4 billion, up 25.5% year-on-year, while in the rest of the world, it was €187 million.
'Solid Volume Growth'
Chair and interim CEO, Urs Jordi commented, "Our business performed strongly in Q3, achieving solid volume growth despite implementing further necessary price increases to recover persistent inflationary costs across our business."
The company noted that while some input costs dropped from their peak levels, volatility remained high and the overall input cost prices were still above their long term average cost.
Inflation trends for labour, purchased services, transportation and some bakery ingredients like sugar, proteins, especially eggs continue to increase significantly, compensating reductions in other ingredients like flour and butter, Aryzta added.
Jordi stated, "Our focus remains on sustaining organic growth and leveraging innovation to grow market share. We continue to control fixed costs and improve operational efficiencies to help our customers deal with the persistent cost inflation pressures and improve performance.
"While we face stronger organic growth comparisons in the coming quarter, we remain on track to deliver improvements across all key metrics in line with our guidance for the period ending July 2023."