Caffè Borbone, strong growth in 2020
Boom in turnover and profits for the Italmobiliare subsidiary
The Italmobiliare board of directors approved the 2020 financial statements, which also include the results of the investee companies, including Caffè Barbone, a 60% subsidiary. The Neapolitan roasting company has achieved strong growth both in terms of turnover and profits. Caffè Borbone closed with revenues of 219.3 million euros (+ 27% compared to the previous year). At the level of distribution channels, both the online channel and the large-scale retail trade are growing at above average rates (+ 64% compared to 2019).
The gross operating margin was equal to 75.1 million euros, with a growth of 44% compared to 2019, with an improvement to 34% (+4.1% compared to 2019), thanks both to the further increase in the industrial margin and the scale effect on overhead costs. Net of slightly increasing amortization and depreciation, operating profit of 66.0 million euros, up 52% compared to 2019. The profit for the year in 2020 amounted to 90.5 million euros (34.2 million in 2019).
Investments amounted to 13.4 million euros, up compared to 2019 due to the acceleration during 2020 of the production capacity expansion plan. At the product level, pods remain the main product, with a growth rate in line with the average; the performance of the capsule aggregate was also positive. The sale of coffee beans is down, however with a limited weight on the company's total revenues, due to the overall slowdown of the Ho.Re.Ca. linked to the health emergency.
EFA News - European Food Agency