The Spanish vending manufacturer says ‘historic’ sales for its coffee machine division in the UK and US drove 23% group revenue growth last year
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Azkoyen Group's headquarters in Navarre, Spain | Photo credit: Azkoyen Group
Azkoyen Group has credited its Coffee and Vending Systems Division as driving its 2022 sales, led by the strong performance of Barcelona-based espresso machine manufacturer Ascaso, which it acquired for €17m ($17.2m) in July 2022.
The Spanish vending machine manufacturer and solutions company achieved 23% year-on-year revenue growth to reach €171m ($180m) and generated profits of €28m ($30m), a rise of 24% on 2021.
The strong performance was led by a 52% sales increase for its Coffee & Vending Systems division, which it said achieved ‘historic figures’ in the UK and US.
The company said Ascaso, which has a presence in nine countries across Europe, North America and Southeast Asia, completes its coffee portfolio and makes Azkoyen Group one of the few full-service coffee machine suppliers in the world.
Azkoyen Group said it has accelerated its Coffee & Vending Systems division’s growth through more targeted sales, enhanced marketing and improved branding to position its coffee machines as premium products within the HoReCa channel.
Alongside its Azkoyen vending machines and Ascaso espresso coffee machines, Azkoyen Group also manages UK-based vending machine manufacturer Coffetek.
Coffetek was voted the Best Machine Manufacturer in the UK by vending machine membership body Associated Vending Services (AVS) in 2022.
Operating across more than 90 countries globally, Azkoyen Group also operates Payment Technologies and Security Systems divisions, which achieved sales growth of 27% and 3% respectively.
“2022 has been an exceptional year for the Azkoyen Group and proof of this is the results we are reporting, with record business figures. Our strong financial position, combined with our management and innovative capacity, has enabled the group to deliver excellent results in an environment that is more uncertain and unstable than ever before,” said Darío Vicario, CEO, Azkoyen Group.
Azkoyen Group added that it is well positioned to navigate economic headwinds in 2023 and is seeking to preserve profitability and achieve double-digit revenue growth over the next 12 months.