ALL INDICATORS SHOW GROWTH; EBITDA INCREASES BY DOUBLE DIGITS WITH STRONG MARGIN EXPANSION; NET PROFIT DOUBLES
- Consolidated revenues of €289.1 million, up 3.8% at constant exchange rates compared to the first half of 2023, driven by all major markets and distribution channels
- EBITDA of €46.2 million, up 26.2% compared to 2023, with an EBITDA margin of 16.0%, up 2.9 percentage points compared to the same period in 2023
- Net profit of €13.6 million, doubling compared to the same period in 2023
- Net financial position of €144.8 million, up 16.8% compared to June 2023
TRIESTE, Italy, July 29, 2024 /PRNewswire/ -- In the first half of 2024, illycaffè's consolidated revenues amounted to 289.1 million euros, reflecting a 3.8% increase compared to the previous year, driven by growth in all main markets.
EBITDA stood at 46.2 million euros, up 26.2% from the previous year, due to organic revenue growth and increased operating efficiency within the Group. The EBITDA margin improved to 16.0%, a 2.9 percentage point increase from 2023. Net profit reached 13.6 million euros, doubling from 6.4 million euros in the first half of 2023, thanks to enhanced operating profitability. The net financial position was 144.8 million euros, showing a 16.8% improvement compared to the previous financial year, supported by positive operating profitability trends and effective working capital management.
Cristina Scocchia, CEO of illycaffè, commented:
"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. The United States, in particular, aligned with our strategic plan, significantly contributed to revenue expansion, with both home and out-of-home segments recording year-over-year increases. Despite the complex macroeconomic environment and ongoing volatility and upward trends in raw material prices, our results allow us to confidently approach the second half of the year and continue our investments in sustainable innovation and increased production capacity."
All major markets showed growth in the first half of 2024 compared to 2023. The United States recorded a strong revenue increase of 11%, primarily supported by the Ho.Re.Ca. and e-commerce channels. All European markets also expanded compared to 2023, particularly Italy (+5%) and Spain (+21%).
From a channel perspective, growth was mainly driven by Ho.Re.Ca., supported by a positive rate of new customer acquisitions in the premium segment, Modern Trade through continuous distribution expansion, and e-commerce, bolstered by the recent launch of a new e-shop.
Based on the performance in the first half of 2024, illycaffè expects to continue growing revenues and profitability in the second half of the year, despite the ongoing complexity of the macroeconomic and geopolitical context.
About illycaffè
illycaffè is an Italian family business, founded in Trieste in 1933 and committed to offering the greatest coffee to the world. It produces the unique illy 100% Arabica blend made of 9 of the world's best selections of Arabica, with a constant eye towards innovation. The bestowing of the first "Ernesto Illy Award for quality espresso coffee" in 1991 in Brazil and the "Ernesto Illy International Coffee Award" in 2016 symbolize its commitment to coffee growers, to whom illy pays a premium price for quality coffee. In 2019 it adopted Società Benefit status under Italian law, and in 2021 it became the first Italian coffee company to obtain B Corp international certification thanks to its commitment to abiding by the highest environmental and social performance standards. The company, which is present in over 140 countries, recorded consolidated revenues of €595.1 million in 2023.
Contact: illy@magrinopr.com
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