In the first six months of the year, Belgian water bottler Spadel has generated significantly more profit than in the same period last year. This is due to a better product mix, because turnover growth was a lot smaller.
Favorable product mix
The mineral water bottler, famous for its Spa brand, achieved a turnover increase of 6.4 % to 140.9 million euros in the first half of the year. The strongest growth was recorded in Bulgaria (+ 14 %), but the Benelux also performed well (+ 4 %). Due to the gradual phasing out of the corona measures, sales picked up again, especially during the second quarter – although they are still a bit lower than their pre-corona levels.
Spadel saw its operating profit increase by almost 50 % to 21.5 million euros, Belgian newspaper De Tijd writes. The group sold more high-profit products and cut production and marketing costs. However, it remains very cautious for the whole of 2021, mainly due to rising prices for raw materials. The company does expect recurring operating profit to improve slightly, though.
The Belgian mineral water bottler has five major brands: Spa and Bru from Belgium, Carola and Wattwiller from France and Devin from Bulgaria.
