SCHLIEREN, SWITZERLAND — Strong volume growth coupled with the sale of the company’s business in Brazil to Grupo Bimbo SAB de CV contributed to a strong first-half performance at Aryzta AG.

In a March 7 update on financials for the first half of fiscal 2022 ended Jan. 31, Aryzta said underlying EBITDA totaled €104 million ($112.3 million), up 37% from €76.1 million in the first half of fiscal 2022. Aryzta said the increase reflected the combination of an acceleration of organic growth, business simplification, cost reductions and disciplined cost management as well as good gross margin protection.

Net revenues were €835.3 million ($902.2 million), up 11% from €752.5 million a year ago.

Aryzta said its foodservice operations experienced the greatest recovery in the first half of fiscal 2022 as the impact of the coronavirus pandemic waned and many businesses re-opened. Foodservice organic growth was nearly 31% in the period, while quick-service restaurants achieved organic growth of almost 11%. Retail improved its organic growth by 6.5% in the six months, Aryzta said.

“Organic growth accelerated due to strong volume growth and further positive pricing to support a double-digit revenue growth performance,” said Urs Jordi, chairman and interim chief executive officer. “Profitability also improved reflecting the benefits of our simplified structure, disciplined cost management and strong organic growth, despite supply chain volatility and significantly higher input costs. Management is focused on sustaining the improved business momentum as well as its financial performance to further build a sustainable organic growth driven business.”

Looking ahead to the full year, Aryzta said it expects organic revenue growth in a range of 12% to 14%.