SYDNEY (AFP) – Australian kitchen-gadget-maker Breville has cashed in on a worldwide surge in speciality coffee, with sales of home espresso machines driving bumper profits.
The firm said yesterday it had bucked the subdued consumer market to post revenues of more than USD1 billion, thanks in part to bumper sales of coffee machines, particularly in the United States (US).
The Sydney-based firm saw net profit surge 7.5 per cent to just under AUD120 million (USD81 million) in the 12 months ending in June.
“The continuing coffee tailwind supported this topline growth,” said group Chief Executive Officer Jim Clayton.
Breville – branded as Sage in Britain – is perhaps best known for its range of sleek espresso machines that run from entry level to professional grade.
While instant coffee sellers and big cafe chains like Starbucks have struggled in recent years, the industry around speciality coffee has surged.
More people are drinking coffee at speciality shops or buying locally roasted beans to grind and brew at home.
According to the International Coffee Organization coffee exports are up about 10 per cent in the last year, while prices are also increasing.
