Breville has delivered a record sales year with a 3.5% increase in revenue to $1.53 billion for the financial year to 30 June 2024, which has more than doubled over the last five years. Net profit was up 7.5% to $118.5 million and EBITDA increased 12.5% to $245.5 million.
Breville Group CEO, Jim Clayton said it was a solid year of performance with encouraging signs of strengthening in the second half with double-digit revenue growth in the Americas and EMEA, double-digit growth in coffee and an improving performance in direct countries in APAC.
“Overall, the strength of our new product launches, expansion of new markets and the continuing coffee tailwind supported our top line growth as cost-of-living pressures and mean reversion weighed on the business,” he said.
“We enter FY25 with momentum on the top line, our NPD pipeline continuing to release, new markets outperforming and our solutions offerings developing. We will continue to plan inventory for accelerated growth, while managing costs to protect against downside risks.
“Thank you to the BRG team for managing the tactical challenges of the current environment while maintaining a relentless focus on our customers and a continued prioritisation of long-term growth.”
Breville’s global product segment grew revenue by 4.4% and gross profit grew 6.9%. Second half revenue growth was stronger at 8.7% as coffee delivered double-digit growth and cooking and food preparation slowed their rate of decline. There were strong sales from the Barista Touch Impress and Vertuo Creatista coffee machines, as well as the Paradice food processors and InFizz range.
EMEA was the strongest performing region with 13.8% growth in revenue to $325.2 million, followed by the Americas with 4.9% growth to $735.5 million. APAC saw a 5.8% decline in revenue to $275.4 million. However, Australia, New Zealand and Korea delivered positive second half growth in coffee.