Lotus Bakeries managed to set another record in 2017, after it had surpassed the 500 million euro milestone for the first time in 2016. This time around, turnover grew another three percent.
Surge in speculoos
Lotus’ overall turnover in 2017 reached 524 million euro, up 3.3 % compared to 2016’s 507 million euro. A strong second half of 2017 was the main reason for the increase, because it managed a 6 % turnover increase then (compared to the 1 % increase in the first half). The surge is despite the negative exchange rate fluctuations, because the euro weighed down the results in the UK and US. Turnover did not grow as much as it did in 2016, when it managed a more than 20 % increase.
Its organic snacks, like Trek and Bear, grew double-digit numbers and are the main reason for the turnover growth. However, Lotus speculoos’ international expansion (called Biscoff) is also paying off. The United States have become the brand’s largest market and Lotus waffles are also selling well in France and Belgium.
“Following our record growth and achievements in 2016, I had hoped for this result in 2017. It strengthens us in the belief that we have a solid strategy”, CEO Jan Boone said. 2017 company profit grew 0.9 % to 89.3 million euro, while net profit grew 3.5 % to 64.6 million euro. Lotus Bakeries hopes to continue its growth in 2018. It will also remodel its Lotus Biscoff packaging and introduce a new range of cakes.