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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