Italian coffee company illycaffè has reported 'strong' financial results for the first half of 2024, with revenues increasing by 3.8% to €289.1 million, driven by growth across all key markets.
This positive trend has led to a significant increase in profitability, with EBITDA surging by 26.2% to €46.2 million.
The company attributed its success to a combination of organic revenue growth and improved operating efficiency. This performance translates into an EBITDA margin of 16.0%, up 2.9 percentage points compared to the previous year.
Net profit has doubled compared to the same period in 2023, reaching €13.6 million, driven by increased operating profitability. The net financial position improved by 16.8%, to €144.8 million.
Performance Highlights
illycaffè experienced robust growth across all key markets. The United States led the charge with an 11% revenue increase, primarily driven by sales in the hospitality and e-commerce sectors. European markets also expanded, with Italy and Spain posting particularly strong gains of 5% and 21%, respectively.
Sales channels contributing significantly to overall growth included the HoReCa sector, benefiting from increased customer acquisition in the premium segment, as well as modern trade and e-commerce, bolstered by expanded distribution and the launch of a new online store.
Despite a challenging macroeconomic environment, Illycaffè CEO, Cristina Scocchia, anticipates continued growth in revenue and profitability for the remainder of 2024.
The company achieved revenue growth of 5.7% at constant exchange rates (up 4.8% at current exchange rates) to €595.1 million in its full financial year 2023.
Profitability accelerated significantly, with adjusted EBITDA increasing by 18.6% to €92.8 million and net profit surging by 67.2% to €23.7 million. The EBITDA margin improved by 1.8 percentage points to 15.6%.
