Lotus Bakeries, the biscuit manufacturer based in Lembeke in East Flanders, has reported 10.1% growth in sales in 2019 to €612.7 million, with profits up 11%.
The company also announced the imminent launch of a new product: a double speculoos biscuit enclosing one of three flavoured fillings: speculoos itself, vanilla and chocolate.
One important growth factor was the acquisition in mid-2018 of Kiddylicious, a British company that makes healthy snacks for children. That company’s sales were included in Lotus’ results for the whole of 2019. The acquisition also brought a small benefit from fluctuating exchange rates against the pound.
Much of the company’s growth came from its classic speculoos biscuit and associated products, such as sandwich spread and ice-cream.
Growth in that sector was in double figures, the company said without specifying.
Despite the product’s fame as a classic Belgian treat, the largest market is now the United States, where Lotus – under the name Lotus Biscoff (as in biscuit with coffee) – implanted in 1986, opening a sales office in 2009, and a production factory in August last year. The US has been the largest market since 2016.
Some six million households in the US now buy Biscoff products at least once a year, showing the potential for further growth, the company said.
Last year also saw the launch of Biscoff ice cream in the US, UK, France and South Korea. It had previously been on sale only in Belgium and the Netherlands.
For the year to come, Lotus will work on the further international growth of Lotus Biscoff, with ice cream introduced in ten new markets, as well as the launch in four countries of the new product, to be named Biscoff Cookie.