7th June 2022
Olivier Aeschlimann, Senior Financial Analyst
The industrial bakery group posted strong organic growth of 22.6% in the third quarter. This growth is due for 15.6% to higher volumes, and for 7% to price increases and product mix. This good performance reflects the efforts made to offset inflationary pressures that should continue in the foreseeable future. The end of the lockdowns linked to Covid-19 in Europe also benefited the return to normal consumption habits and helped the Food-Services division (delivery to hotels and restaurants). Furthermore, Aryzta has reduced its nominal debt, even if the group’s total net debt remains high at EUR 1 billion. Finally, following these good results, management raised its growth hopes for the 2022 financial year to a range oscillating between 14 and 16% (previously between 12 and 14%).