Lotus Bakeries grows despite weaker British pound

Despite a weaker British pound, Belgian cookie manufacturer Lotus Bakeries managed a 1 % turnover increase in the first half of 2017. A record growth in 2016 did provide a difficult base for comparison, but it succeeded.

Speculoos and healthy snacks

Turnover grew from 256.4 to 258.9 million euro in the first six months. It even achieved a 3 % like-for-like turnover increase excluding exchange rate fluctuations. CEO Jan Boone will be satisfied, because he already stated 2017 might be focused on consolidation after the record pace set in 2016.

2017’s growth was mainly thanks to its organic snacks, even though its waffles also achieved turnover growth. “Healthy and not-so-healthy snacks are currently going hand in hand. People eat a chocolate waffle the one day and a healthy snack the other day. That is just the way it is nowadays. The prove is in our results: the healthy fruit snacks are our largest engine of growth”, CEO Jan Boone said.  

Nutella as an example

“We want to strengthen the position of Lotus Biscoff in the United States and the United Kingdom. We will invest in television ad campaigns in order to create a brand story. I am sure we can expand our largest products even more in countries we have already entered”, Boone said. Lotus points towards the success of Nutella or Mondelez’ Oreo cookies, which are known all across the world.

The company’s net profit also surged ahead, up 3.3 % to 31.9 million euro. Lotus forecasts the price increases, designed to counter the weaker British pound, will only have an effect in the second half of the year.