illy Reports Results For The First Quarter Of 2023 Double-Digit Growth In Revenue And EBITDA

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May 04, 2023, 09:00 ET

Organic revenue growth was up 13.2% compared to Q1 2022, led by all markets and distribution channels
EBITDA also saw double-digit growth compared to 2022, thanks to increased revenue and improved operational efficiency
The targets for 2023 are confirmed, with a focus on organic growth and acceleration in profitability, in spite of the persistent prices' volatility of raw materials and the euro's rise against the dollar

MILAN, May 4, 2023 /PRNewswire/ -- The Board of Directors of illycaffè S.p.A. has approved the interim report for the first trimester of 2023.

Cristina Scocchia, CEO of illycaffè commented as follows:

"We are very pleased with the results of the first trimester, which saw strong organic growth that outperformed the market, and an excellent increase in profitability.

Our performance in this first trimester confirms the efficacy of the strategic initiatives adopted in 2022, both in terms of growth and operational efficiency, and allow us to look at the rest of the year with optimism."

Consolidated revenue grew by 13.2% compared to the previous year thanks to solid organic growth, led by all the main markets and distribution channels.

Looking at the main markets, in Italy revenue grew by 10.7% compared to 2022 while in the United States revenue grew by 27.7% compared to 2022.

Regarding distribution channels, Ho.Re.Ca. drove growth by recording an increase in revenue by 26.3% compared to 2022, supported by a constant increase in the number of clients and by an increase in average consumption.

All the main profitability indicators were double-digit growth compared to 2022.

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. Since 2013 illycaffè – which has a presence in over 140 countries - has regularly featured on the list of the World's Most Ethical Companies. In 2019 it adopted benefit corporation 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. In 2022 the company employed 1230 people and posted consolidated revenues of about €567,7 million. In 2021 Rhone Capital became a minority shareholder of illycaffè to assist the company with its international growth.

SOURCE illycaffè