Baked goods manufacturer, Aryzta, has recorded a nine-fold increase in full-year net profit to €45.6m.
It marks the company's first annual profit in many years, after a difficult period of trading and a change in management.
The turnaround in fortunes at the Cuisine de France owner came off the back of a 15% increase in revenues to €1.756bn.
"This reflects the benefits of the significant business performance acceleration and structural and operational changes undertaken," said Aryzta chairman and interim CEO, Urs Jordi.
"The consolidation of our business model has significantly progressed and we are improving on all levers of value creation."
Despite the progress, Aryzta said it and the entire industry continues to face significant inflation challenges as war, supply chain disruptions and elevated demand drive inflation across all inputs.
It said little respite in these trends is expected in the near term and further price increases are expected.
On a conference call with analysts, the company said energy costs increased 20% over the past year to €100m and it expects average prices to increase 10% through next year.
"While being in the middle of a challenging period of cost inflation, nevertheless, we expect to report further improvements in our performance in the FY 2023," said Mr Jordi.
The company also said that following a unanimous request by the board, Urs Jordi has agreed to continue as interim CEO until the end of 2024.
By then the board said it will have selected a permanent chief executive.
