Illycaffè has boosted first-half profits as revenues increased in all its major markets and distribution channels, with the Italian coffee roaster keeping a tight control over costs.
Consolidated revenues rose 3.8% year on year to €289.1m (£243.6m) in the six months to June, driven mainly by growth in e-commerce and foodservice in the US.
Sales jumped by 11% in the US in the half, with European markets also expanding compared with 2023, particularly Italy (+5%) and Spain (+21%).
Illy said group growth was supported by new customer wins at premium hotels and restaurants, distribution expansion in retail and the recent launch of a new online shop.
EBITDA soared 26.2% to €46.2m (£38.9m) thanks to the growth in the top line and increased operating efficiency within the group. The EBITDA margin also improved by 2.9 percentage points to 16%.
Net profit doubled to hit €13.6m (£11.5m) as a result.
CEO Cristina Scocchia said: “We closed the first half of 2024 with double-digit growth in all profitability indicators, driven by organic, sustainable and profitable growth across all major markets.”
She added that despite the complex macroeconomic environment and ongoing volatility in commodity prices, the first-half performance gave Illy confidence in the rest of 2024 as it continued to invest in innovation and production capacity.
Illycaffè expected to register growth in revenues and profitability in the second half.
Coffee prices are at record highs this year as the industry was hit by poor harvests and supply chain issues, with Italian rival Lavazza warning recently of worse still to come.
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