Breville Group has seen revenue lift 4.2% to $1.47 billion for the financial year ended 30 June 2023 with net profit also up 4.2% to $110.2 million.

Growth was driven by the coffee category, which benefited from the continuing trend to premium espresso coffee and the cooking category, supported by the air fryer tailwind. The food preparation category, including juicers, blenders and food processors, proved more discretionary and declined year-on-year.

All three ‘theatres’ (regions) posted positive unit sell-out and sell-in growth for the year, with the latter strengthening in the second half.

APAC revenue grew 5% to $292.2 million with market share gains in ANZ and sell-out growth supported by NPD launches.

Breville APAC president, Mark O’Kelly told Appliance Retailer, “Another year of excellent results by the group against a challenging backdrop. Overall APAC performed well – ANZ was solid and we’ve seen Korea perform well in its first year of trading. We have a number of new products launching in calendar FY24 to maintain current momentum, including our new Breville/Nespresso coffee machine, Vertuo Creatista.”

Breville Group CEO, Jim Clayton said, “A solid year of performance for the group, delivering guidance once again, with a subdued consumer and inflationary headwinds. I was encouraged to see our new product launches firing again and to see strong growth in new markets.

“We managed margins well, demonstrating the pricing power of our premium products, and commercially chose to manage down inventory through reduced purchases rather than off-brand discounting. In a lower growth year, expenses were moderated to reliably deliver EBITY at the top end of our guidance. We enter FY24 in a solid position.”

Breville Group expects FY24 to be similar to FY23 with macro headwinds playing against company specific tailwinds, including new product launches, maturing new geographies, solution plays and cost improvements. The company said it is too early to predict how these forces will play out across the entire year.

Pictured: Breville The Barista Express Impress espresso machine.