Irish-Swiss baked foods group Aryzta has reported a return to profit for the six months to the end of January as its revenue growth exceeded expectations.
Aryzta said its underlying net profit for six month period rose to €9.6m compared to an underlying net loss of €30.8 the same time the previous year.
The Cuisine de France brand owner said its revenues for the six month period were up 11% to €835.3m from €752.5m the previous year.
Aryzta said that foodservice witnessed the greatest recovery as the impact of Covid-19 waned and society re-opened and normalised.
It noted that its European operations performed very strongly achieving an organic growth of 14.3% as restrictions eased across many of the company's markets.
The Rest of World operations also delivered resilient organic growth of 7.7% as it was impacted negatively by longer Covid-19 restrictions in Australia and New Zealand.
The company said today that its Brazil disposal was complete, while it also more than doubled its manufacturing capacity in Malaysia by buying the bakery, equipment and the corresponding land of its co-manufacturer De-Luxe Food Services from ENVICTUS International Holding Limited last month.
Aryzta chairman and interim CEO Urs Jordi said the company's rganic growth accelerated due to strong volume growth and further positive pricing to support a double digit revenue growth performance.
"Profitability also improved reflecting the benefits of our simplified structure, disciplined cost management and strong organic growth, despite supply chain volatility and significantly higher input costs," Urs Jordi said.
"Management is focused on sustaining the improved business momentum as well as its financial performance to further build a sustainable organic growth driven business," he added.
