Illy reported a sales increase of 3.8 percent to 289.1 million euros as Managing Director Cristina Scoccia explained.
The Net profit doubled compared to the same period in 2023 to 13.6 million euros Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 26.2 percent to EUR 46.2 million.
Illy is strongest in the USA grown. Sales increased by 11 percent in the first half of 2024. In order to meet increasing demand, 120 million euros are to be invested in doubling production capacity at the Trieste site. More than 60 additional employees are to be hired.
Costs for green coffee high
“The cost of green coffee is really high and prices are expected to continue to rise for remain high for several more months. But we are still satisfied with our results. The balance sheet results are a concrete sign of the health of the company,” explained Scocchia.
Illy has adopted a five-year plan that includes investments of 270 million euros Acquisitions are not ruled out, explained the managing director.
IPO on the agenda
The company’s future plans include an IPO. It is still unclear when this will take place. The group is also still considering which stock exchange the listing should take place on.
The family business, founded in 1933 by Hungarian-born Ferenc Illy (Francesco Illy), has had a branch in Austria The group is 80 percent owned by the Illy family, with the remaining shares held by the investment fund Rhone Capital.