The Italian vending machine operator, which has nearly 290,000 units across seven European countries, saw first quarter revenues increase 99% following strong sales growth domestically
Vending sales in IVS Group’s domestic market increased 66% to €118m ($127m) | Photo credit: IVS Group
IVS Group has recorded a strong start to 2023, with revenues, profits and transactions across its 289,500 vending machines all up on the first quarter of last year.
The Italian coffee and snack vending machine operator achieved impressive 99% year-on-year sales growth in the three months ended 31 March 2023 to reach €183.6m ($200m).
Vending sales in IVS Group’s domestic market increased 66% to €118m ($127m), with the company’s business in France and Spain growing 27% and 31% to reach €12.5m ($13.6m) and €9m ($10m) respectively.
IVS Group also operates vending machines across Germany, Poland, Portugal and Switzerland, which contributed sales of €3m ($3.3m), a 380% rise on the same period in 2022.
In the HoReCa segment, a new channel for IVS Group following the August 2022 acquisition of Umbria-based vending company Liomatic, first quarter revenues reached €4m ($4.3m).
IVS Group also supplies Nespresso and Lavazza self-serve coffee pod machines for offices across Italy.
Turin-based Lavazza’s holding company FinLav acquired a 17.71% stake in IVS Group for approximately €75m ($81m) in January 2020.
IVS Group also reported a 57% year-on-year increase in total number of vending transactions to 261.3 million during the period, with the average price per vend also rising 4% to €0.51 ($0.55).
The vending machine operator expects to record one billion vends by the end of 2023, which it said is achievable despite consumer activity being hampered by high inflation and international tensions.