Australia’s obsession with coffee is well documented. Our café culture is globally renowned, and the failure of US chain Starbucks to take root here is a point of national pride. The Economist described the now internationally popular flat white as our greatest culinary export.
A less generous interpretation is that we have become a nation of insufferable snobs when it comes to the humble cup of joe. Either way, we clearly love the stuff. So perhaps it is surprising that — aside from the Australian style cafes springing up in parts of the US — it has taken so long for someone to monetise our coffee obsession on the world stage.
While Australians are international trendsetters in many fields, corporate Australia isn’t known for churning out global consumer business success stories. Fortunately, kitchen products manufacturer Breville is emerging as an exception to that rule, with its sales of high-end coffee machines — particularly in the US — at the centre of that story.
Breville was one of the standout performers on the ASX today after reporting a $118.5 million profit (up 7.5% on last year), on record revenue of $1.53 billion (up 3.5%). It also hiked its dividend to 33 cents. Chief executive Jim Clayton cited "the continuing coffee tailwind" as a key driver of the result.
