March 5, 2020 / 3:22 PM / a month ago

Italy's Massimo Zanetti reaches $1 bln coffee sales in 2019

MILAN, March 5 (Reuters) - Italian coffee maker Massimo Zanetti said on Thursday its 2019 revenue rose 2.6% at current exchange rates to reach 914.5 million euros ($1 billion), driven by sales to bars and restaurants.

The company, which owns several coffee brands including Segafredo and Boncafe, said revenue was flat compared with 2018 when excluding currency swings.

Gross profit for last year rose to 407.7 million euros, up 5% from the previous year, with a margin of sales improving to 44.6% from 43.6% in 2018.

The family-controlled company will pay a dividend of 0.19 euros per share on its 2019 results.

“Sustainable products performed particularly well,” said Chairman and CEO Massimo Zanetti, adding nearly half of new products launched were organic, Rainforest and Fairtrade certified. ($1 = 0.8941 euros) (Reporting by Francesca Landini;Editing by Elaine Hardcastle)

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