Cuisine de France owner Aryzta has reported a 23% increase in third quarter revenues despite continued inflation pressures.
Aryzta's revenues rose to €533.9m with its Europe revenues up 24% and its Rest of World revenues increasing by 14.3%.
The baked goods company said its organic growth was broad based across its operations with France, Switzerland, Poland and Germany performing well in Europe.
The Rest of World division also continued its strong performance trend evident in recent quarterly updates.
Aryzta said that while some input costs have fallen back from their peak levels, volatility remains high and
overall input cost prices are 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," it added.
The company also said that the industry continues to face persistent inflation which necessitates pricing action.
Aryzta's chair and interim CEO Urs Jordi said the business performed strongly in the third quarter, achieving solid volume growth despite implementing further necessary price increases to recover persistent inflationary costs across the business.
"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," Urs Jordi said.
"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," he added.
