The European vending machine operator has credited increased footfall at transit hubs for driving 18% revenue growth in the first half of 2022, but says remote working in major metropolitan regions continues to see sales fall below pre-pandemic levels
Growth was broadly consistent across all European markets except for France where revenues increased 44% | Photo credit: IVS Group
IVS Group has cited increasing commuter traffic at rail stations and airports across Europe as aiding its continued sales recovery, but revenues remain below pre-pandemic levels.
The Italian vending machine operator achieved revenue growth of 18% for the six months ended 30 June 2022, to reach €197.5m ($200m).
Sales growth was broadly consistent across all IVS Group’s European markets except for France where revenues increased 44% compared to the same period in 2021. The company attributed this to its Paris Metro contract, which it signed in 2019.
IVS Group noted that footfall on public transport systems remains below pre-pandemic levels and sales are 15% lower than the first six months of 2019. It also said that vending transactions in workplaces are recovering at a slower pace due to the post-pandemic adoption of flexible working patterns.
IVS Group completed several acquisitions during the reporting period, purchasing a 94.6% share of Umbria-based vending company Liomatic and 100% of Milan-based vending machine manufacturer GeSA for a combined price of €192m ($195.6m).
IVS Group S.A. is the second largest vending machine operator in Europe, with more than 230,000 vending machines across Italy, France, Germany, Luxembourg, Portugal, San Marino, Spain and Switzerland.
The company achieved revenues of €361m ($366m) in 2021, a 9% increase on the previous year.