The latest financial report released by ARYZTA shows good results, as revenue increased 20.9% to EUR2,123.2m, a organic growth of 21.6%, and a profit for the period that has increased to EUR112.0m (from EUR0.9m). Also, free cash flow reached EUR109.1m, according to a company statement.
ARYZTA is extending the current financial year 2023 to December 2023 to align with calendar year reporting. As a result the annual report for FY 2023 will cover the extended 17 month period to December 2023 when published in March 2024.
Further improvements in all key metrics are expected in 2023 with mid to high teen organic growth driven by volume and price. EBITDA margin expansion is expected to remain supported by growth, efficiencies and cost discipline. The Group continues to generate free cash flow and the focus remains on improving ROIC. The 2025 midterm targets remain valid.
In relation to channel development, Retail represented 53%, Foodservice 28% and QSR 19% of total revenue. All channels performed well with substantial organic growth of 19.1% in Retail, 25.9% in QSR and 23.5% in Foodservice. ARYZTA’s Retail business continued to increase its market share, QSR growth benefited from restaurant growth and innovation. In Foodservice, growth was supported by continued strong out of home consumption. Volume growth in Q4 was flat reflecting strong comparable growth, coupled with some portfolio optimization to focus on more profitable volume, timing of customer promotional activities and one off QSR contingency supply changes in Europe. Volume outlook for the remainder of 2023 remains positive.
Find out more at: https://www.aryzta.com