Breville has reported a 3.5% revenue increase and a 7.7% rise in gross profits, driven by strong coffee demand. Despite a 6.4% decline in sales in Australia and Asia Pacific, U.S. revenues grew by 2.9%. The Australian market achieved record sales of over $1.5 billion, more than doubling in the past five years.
CEO Jim Clayton’s contract was renewed with a salary increase to $1.85 million and additional incentives. The company also saw an 8.0% rise in EBIT to $185.7 million and strong cash inflow of $174.9 million due to normalized inventory levels. Gross margins improved, and new product launches contributed to growth.
Clayton noted a solid performance with significant second-half improvements, including double-digit revenue growth in the Americas and EMEA. Despite a 6.4% revenue decline in the APAC region, recovery signs are evident in Australia, New Zealand, and South Korea.
Employment costs increased by $13.5 million due to higher short-term incentives, while other expenses remained stable. Investment in marketing and R&D rose to 14.0% of sales. Management expects continued growth in FY25, with a flexible expense budget to handle varying revenue and cost scenarios.