US Horeca and e-commerce sales were standout performers for the premium coffee roaster, while revenues in Italy and Spain also grew significantly
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Cristina Scocchia (pictured) was appointed illycaffè CEO in January 2022 | Photo credit: illycaffè
Italian coffee roaster illycaffè achieved organic revenue growth in all major markets worldwide during the first six months of 2024, led by strong Horeca and e-commerce sales in the US.
The Trieste-based business posted 4% year-on-year revenue growth in the six months ended 30 June 2024 to reach €289.1m ($312.8m), with EBITDA rising 26% to €46.2m ($50m). Net profit more than doubled year-on-year during the period from €6.4m ($6.9m) to €13.6m ($14.7m).
The US, a key growth market for illycaffè alongside China, achieved 11% year-on-year revenue growth, with higher sales across the at-home, e-commerce and Horeca channels.
illycaffè also reported year-on-year sales rises across Europe with Spain growing 21% and its home market Italy 5%.
“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. 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,” said Cristina Scocchia, CEO, illycaffè.
The B Corp -certified coffee roaster forecasts revenues and profitability will grow further in the second half of 2024. illycaffè achieved €595.1m ($644m) in revenue and €92.8m ($100.4m) in EBITDA in 2023.
Founded in 1933, illycaffè is one of the world’s most prominent coffee roasters and distributes to Horeca business in over 140 markets globally. The business also operates 160 cafés across 30 markets, with a strong presence in Italy, the US, China and South Korea.