“Responsible” price hikes and rising volumes earned Lotus Bakeries new record figures: for the first time, the Belgian company’s turnover surpasses half a billion euros in the first six months of a year.
With turnover up more than 20 % to 501 million euros in the first half of the year, Lotus Bakeries speaks of a “new milestone”. All three of the company’s pillars – Biscoff biscuits (+ 20 %), Natural Foods (+ 25 %) and “local heroes” in the Belgian, Dutch, French and Swedish markets (+ 15 %) – advanced strongly. Net profit went up 15.9 %. The figures are better than what analysts had expected.
According to the biscuit baker, the strong results came as “responsible” price increases combined with an 8 % increase in volumes. The tariff increases the company implemented early this year to counter rising costs led to a double-digit price effect. Lotus Bakeries stresses that the price increases over the past two years were always aligned with actual costs, and were unavoidable due to unprecedented increases for raw materials, packaging, transport and wages, among others. The company claims that the price effect has now reached its peak.