Italian coffee giant Illycaffè saw revenues rebound back to pre-pandemic levels in 2021 as out of home consumption returned.

The global group posted consolidated revenue for 2021 of €500m, a 17.4% increase compared to 2020, driven by the gradual recovery of the away-from-home sector and the positive results achieved by the home channels (especially e-commerce and modern trade).

Italy saw a 16.7% increase in revenues compared to 2020 and a 2.4% increase over 2019, thanks to solid recovery in the out of home

The EMEA area (excluding Italy) grew by 10.1% compared to 2020, driven by positive trends in the main reference markets (particularly France, the United Kingdom, Spain, and Greece).

The United States, which were strongly hit by the pandemic in 2020, saw a growth of 38.7% over the previous year, driven by all of the main distribution channels

Asia, which grew by 17.8% compared to 2020, benefited from excellent performance in China and South Korea, especially in online channels.

Group wide earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to €61.6m, a 16.7% increase compared to 2020 but a decrease of 11.4% compared to 2019.

EBITDA margin was 12.3% of total revenue, about the same as in 2020 (12.4%), but less than in pre-pandemic 2019 (13.9%).

Net profit amounted to €11.9m, an increase of 104.7% compared to 2020, but remained 28.8% below 2019 levels.

The outlook for the future

Illycaffè said its outlook “remains complex and uncertain” due to geo-political instability, a resilient pandemic, increases in the prices of raw materials including green coffee, and logistical costs.

CEO Cristina Scocchia commented: “The results for 2021, which saw turnover returning to pre-pandemic levels and improved profitability, are a solid starting point to take on the current year, whose macro-economic context is particularly challenging.”

“In 2022 we will focus on profitable growth, driven by clear strategic choices and efficient resource allocation, with the goal of mitigating, to the extent possible, the negative impacts brought about by exogenous factors. We will focus even more in the distinctiveness of the illy brand, which has always been associated with superior and sustainable quality.”