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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