Baked goods manufacturer Aryzta has reported higher revenues and growth for its first fiscal quarter and reiterated its full year guidance.
The company, which owns the Cuisine de France brand, said its first quarter revenues rose by 19.8% to €509.1m, while it delivered 22% organic growth.
Aryzta said its Europe division reported organic revenue growth of 22.1%, driven by very strong price growth of 19.7%.
It said the strong organic growth in Europe was driven by a double digit organic revenue growth of its Foodservice business.
Meanwhile the company's Rest of World division posted an organic revenue increase of 21.4%.
Aryzta's chair and interim CEO, Urs Jordi, said that bakery demand remains solid in most of the company's markets despite the significant inflation driven price increases.
He said the company was not seeing any reduction in the upward inflationary trends.
"Aryzta is communicating closely with all customers and working hard with them to manage these significant inflationary pressures. However, the persistent high level of cost inflation is such that further pricing will have to follow," he cautioned.
"We reiterate our full year 2023 guidance to deliver further improvements across all key metrics, with performance expected to accelerate in the second half of the year," the interim CEO said.
"This takes into account the risks around the ongoing challenges of inflationary price recovery and the highly uncertain macro-economic environment," he added.
Urs Jordi has agreed to continue as interim CEO at Aryzta until the end of 2024. By then the board said it will have selected a permanent chief executive.
