Coffee Service

Illycaffe reports record growth in 2022

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March 30, 2023

Consolidated revenue for illycaffè S.p.A., a Trieste, Italy-based specialty coffee company, rose a record 13.6% to €567.7 million ($619.4 million) in 2022 over 2021 despite an uncertain macro-economic context, according to an earnings release.

The growth was led by all of the markets and distribution channels in which the company has a presence.

Net income rose 18.9% to €14.2 million ($15.49 million) compared to 2021, exceeding expectations.

Hotels, restaurants and catering registered a growth in revenue of 30.9% compared to 2021, helped by an increasing client base and an increase in average consumption.

Retail revenue increased by 42.8%.

"We are thrilled to have achieved the best results in the last 10 years in spite of the challenging macro-economic context," CEO Cristina Scocchia said in the press release. "2022 marked a major milestone towards the achievement of our strategic goals: this year all markets and all distribution channels contributed to our growth, in terms of both revenue and EBITDA."