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Saturday 02 November 2024
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illycaffè reports revenue up by 6.6% to €520 million in 2019, net profit rises to €19m

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MILAN – Illycaffè, the Italian family-owned coffee maker, posted positive economic results for 2019 on Thursday, but said the 17-year growth trajectory could be halted in 2020 because of coronavirus.

The company reported a 6.6% year-on-year growth of its revenue to €520m for last year. Net profit rose to €19m, up 5.2%, while net debt fell by €3m to €114m thanks to an increase in operating cash flow and shareholder returns.

Illycaffè said one of the main drivers of growth in 2019 was the worldwide launch of its Nespresso-compatible coffee capsules line in supermarkets and stores.

Online sales in key markets – including Italy, the US and China – more than doubled during the coronavirus outbreak. However, the company said it expected revenues to fall this year due to impact of Covid-19 to the out-of-home segment in North America, Europe and Asia.

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