In defiance of rising costs, Illycaffè sped ahead to its fastest sales growth in 10 years in 2022. Consolidated revenue rose 13.6% to €567.7 million, driven by solid performance across all markets and distribution channels.
Group net profits were €14.2 million, up 18.9% compared to 2021, exceeding expectations for a year characterized by high inflation, including higher prices for green coffee and energy. EBITDA amounted to €71.4 million, a 15.8% increase, with margins at 12.6% of revenue, up 30 basis points (0.3%) from 2021.
Revenue growth was strong in the strategic markets of the United States and China. A stronger dollar helped pump up U.S. sales by 27.4%, while in China, high online sales led in market growth of 15%. In Italy, revenue rose 9.9%
Sales via food service channels rose 30.9%, lifted by a steady climb in customers and higher average consumption. In the retail channel, revenue increased by 42.8% compared to 2021. Illycaffè's retail network across 34 countries features 190 sales points.
"We are thrilled to have achieved the best results in the last 10 years in spite of the challenging macro-economic context," said Cristina Scocchia, CEO.
Illy targets expansion in international markets, particularly in the super-premium segment. The company has a €270 million investment plan, which includes €120 million to expand production and logistics mostly in Trieste, the group's main base of operations.
The family-owned business, founded in 1933, employs 1,230 people.