Caffè Borbone closed the first nine months of 2022 with revenue of 192.9 million euro, up by 3.3% compared with the same period 2021, which benefited from the higher domestic consumption of coffee as a result of the lockdown. The information emerged from the quarterly report of Italmobiliare, which has a 60% stake in Caffè Borbone.

At channel level, Large-Scale Retail is increasingly significant, closing the period at +46% and confirming above-average growth rates in a single-dose market that achieved +9% (source: Nielsen). By virtue of these excellent results, in September Caffè Borbone rose to second place1 in the ranking of single-dose coffee sales in the large-scale retail channel, overtaking Nestlé for the first time. 

The foreign market, which is increasingly strategic for the company's future prospects, also performed extremely well, growing by 40% compared with the same period last year. 

Gross operating profit was 48.2 million euro (-28%), with a margin of 25% on revenue. The decrease compared with the same period of the previous year is mainly attributable to the increase in the cost of raw materials that the company only partially passed on to the end customer by increasing the list prices of its main products in the range. Margins were also affected by the increase in the price of fuel (with a consequent increase in transport costs for 2.5 million euro) and by the increase in energy prices (+3.4 million euro). 

The net financial position at September 30, 2022 was negative for 14.8 million euro, already net of the distribution of dividends for 30 million euro in the second quarter. Cash generation2 before dividends in the first nine months of the year was positive for 7.6 million euro, despite a 15.3 million euro increase in working capital.