Thursday 13 June 2024
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Caffè Borbone reports 1Q revenue of 83.7 million euro, up 8.4% on-year

Caffè Borbone reported a very solid quarter, posting very positive performances, especially in the Large-Scale Retail channel and the foreign market

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MILAN, Italy — On May 13, 2024, the Board of Directors of Italmobiliare S.p.A. – the parent company of Caffè Borbone, one of the top names on the national market and a leading supplier of single serve coffee in Italy – approved the additional periodic financial information at March 31, 2024. During the first quarter of the year, the Italmobiliare Group recorded positive trends linked to the development and continuous improvement in the efficiency of the companies in its portfolio, especially of the companies operating in sectors where the Group is concentrating more resources, also with a view to developing genuine industrial platforms.

With an increase in revenue of 8.4%, to 83.7 million euro, Caffè Borbone reported a very solid quarter, posting very positive performances, especially in the Large-Scale Retail channel and the foreign market.

In the first quarter of the year, the Italmobiliare Group turned in positive trends thanks to the ongoing expansion of its activities. At a consolidated level, revenue comes to 166.2 million euro (+19.9% compared with the corresponding period of last year) with the gross operating profit increasing to 38.4 million.

Caffè Borbone

In the first quarter of 2024 Caffè Borbone posted revenue of 83.7 million euro, up 8% compared with the same period of the previous year. The result confirms the development guidelines already commented on in recent periods; in particular, Large-Scale Retail Trade as a channel is growing significantly.

Looking at the other channels, there are excellent signs from abroad, growing by 40%, in part thanks to the positive contribution of the American branch, which substantially doubled its turnover compared with last year.

In terms of margins, the strong upward trend in the cost of coffee in general and Robusta coffee in particular, which represents the majority of the company’s purchases, continued during the quarter; in detail, the average market price of Robusta coffee during the quarter was approximately 60% higher than in the same period last year.

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In this extremely challenging context, Caffè Borbone saw a drop in margins, compared to revenue, during the period of just over 3 percentage points compared with the first quarter of 2023. Looking at the figures in absolute terms, the quarter closed with a gross operating profit of 19.2 million euro, which is 6% down on last year.

The net financial position at March 31, 2024 shows net cash of 28.8 million euro; free cash flow1 during the quarter was positive for 11.9 million euro, confirming once again the company’s outstanding ability to convert profits into cash.

CIMBALI

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