Biscoff maker Lotus Bakeries saw sales surge by almost 20% in the first half of the year, as the company said it saw "outstanding" growth for its hero biscuit and spread products.
Belgium headquartered Lotus Bakeries reported sales of €599.3 million in the first half of this year, a 19.6% increase compared to the same time in 2023.
Founded in 1932, the family owned Belgian company owns brands such as Biscoff, nākd, TREK, and BEAR, employs around 3,000 employees. It is listed on the Belgian stock exchange and is part of the flagship BEL20-Index.
The company said growth was driven by increased sales volumes across three key pillars of its business, Lotus Biscoff as well as Lotus Natural Foods and Lotus Local Heroes.
In particular, the food company saw "outstanding" volume growth of more than 20% for its Biscoff biscuit and spread products. The boost in sales is partly due to a growth strategy implemented in 2023, which included a ramp up in media investment.
Lotus Bakeries said that its Biscoff factories in Lembeke in Belgium, as well as Mebane in the US, delivered "record output" over the first half of the year to meet demand. The company is developing a third plant in Thailand which is set to start production in 2026.
Growth for natural and local brands
The company's Natural Foods arm, which includes brands such as BEAR, nākd, TREK and Kiddylicious, saw "double digit growth" in the first half of 2024. Meanwhile, Lotus' Local Heroes brands in home markets of Belgium, the Netherlands, France and Sweden saw "mid-single digit" volume growth.
Lotus Bakeries' net profit increased by €12.9 million or by 21.8% in the first half of the year, reaching €72.1 million.
Company CEO Jan Boone said that the strong volume growth for Biscoff and Natural Foods brands underlines their "continued momentum and potential."
"After growing more than 20% and reaching the €1 billion sales milestone in 2023, I did not expect we would add another 20% or 100 million of sales already in the first half year of 2024," he said.
Ramp up in investment
The snack manufacturer said that it is increasing its capital investment pot from €200 million to €275 million, which will be invested back into the company over the next two years.
"We are a growth company and we need to support and invest in the brands accordingly. This is also why we announced a step-up in media investments in Lotus Biscoff as one of the key activation levers of the Biscoff growth strategy. This will be a long term and sustained investment needed to further build on our global awareness and ambition for Biscoff," said Boone.
In June of this year, Lotus Bakeries announced a strategic partnership with Cadbury manufacturer Mondelēz International, as it hopes to expand and grow the Biscoff brand in India.
