Zurich / CH. (aag) Swiss-based Aryzta AG announced its financial results for the third quarter 2023. The company reported strong growth across the Group as stubborn inflation continues.
Despite stronger quarterly growth comparatives, organic growth was broad based across the Group with France, Switzerland, Poland and Germany performing well in Europe. Rest of World continued its strong performance trend evident in recent quarterly updates. Channel performance trends remain unchanged across all channels lead by Foodservice and QSR, while in our European retail channel we continue to gain market share supported by our strong customer and category focus.
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. The industry continues to face persistent inflation which necessitates pricing action. Aryzta’s disciplined costs management programs and efficiencies measures continue to deliver to expectation, supporting margin progression.
Chairman’s and interim CEO’s summary:
Urs Jordi, Chairman and interim CEO: «Our business performed strongly in Q3-2023, achieving solid volume growth despite implementing further necessary price increases to recover persistent inflationary costs across our 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. 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.» For additional information please read the Company’s PDF file below (190 KB):20230530-ARYZTA-Q3-2023