Cuisine de France owner Aryzta has reported higher revenues and a return to profit for the six months to the end of January.
Revenue for the six month period increased by 24.2% from €835.3m to €1.037 billion, while the company reported a profit of €51.7m compared to a loss of €39.2m in 2022.
Aryzta said its Europe business saw organic growth of 26.2% with the Rest of World division posting 20.2% organic growth.
It noted that its growth was broad based across the group and across channels with an outperformance in some markets such as France, Poland and Switzerland in Europe as well as APAC.
The baked goods group said it saw "significantly" higher cost inflation in the first half of its financial year, which necessitated price increases of 19.3%.
Pricing in the second quarter increased to 20.5%, up from 18.1% in the first quarter, it added.
"Consumer trends remained unchanged despite the price increases as bake off remained attractively priced within the overall food basket costs, supported by its competitive advantages in terms of savings on labour, space and waste," Aryzta said.
Aryzta also said today that it will change its fiscal year from a July ending to a December ending to align with calendar year reporting.
Aryzta Chairman and interim CEO Urs Jordi said the company's business performance improved across all its key metrics as its strategic plan continues to deliver.
Mr Jordi said that revenue and organic growth both improved despite unavoidable pricing to recover significant cost inflation.
"Margins were maintained through improved operational leverage and strong focus on fixed cost controls. This increased cash generation and net profits," he added.
"Our performance reflects the step by step implementation of our bakery strategy as we focus on operational performance improvements within the businesses. We continue to benefit from market share gains as the competitive advantages of bake off drive volume and value," he added.
