Belgian snacking giant Lotus Bakeries has reported a 19.6% year-on-year increase in sales, to €599.3 million, in the first half of its financial year 2024.
The company attributed its growth to a robust and broad-based volume increase of more than 16% across geographical segments, as well as its three strategic pillars: Lotus Biscoff, Lotus Natural Foods and Lotus Local Heroes.
Lotus Bakeries added that price increases combined with foreign currency impact have a limited contribution of 3% to the total revenue growth in the first half.
Underlying EBITDA for the period increased 20.9% year on year, to €20.0 million.
CEO Jan Boone [pictured] commented, "After growing more than 20% and reaching the billion euro milestone in 2023, I did not expect we would add another 20% or €100 million of sales already in this first half of 2024.
"The strong growth of Lotus Biscoff and Lotus Natural Foods underlines the continued momentum and potential of the brands."
Divisional Performance
Lotus Biscoff saw volume growth of more than 20% in the first half, driven by the implementation of its growth strategy focusing on building penetration first for the hero products: Biscoff cookies and Biscoff spreads.
Moreover, the strategy emphasises broadening the number of demand spaces beyond ‘the best cookie with coffee’ and partnerships with global CPG brands.
Geographically, the brand saw strong performance in Continental Europe, the UK, the US and Asia-Pacific in the first half of the year.
Elsewhere, Lotus Natural Foods continued to outperform the market via a strong, double-digit growth.
Outside the UK, Lotus Natural Foods grew by almost 30% in the first six months, accounting for more than a third of the business unit's sales.
In June of this year, Mondelēz International announced that it has entered into a strategic partnership with Lotus Bakeries to expand the Lotus Biscoff cookie brand in India.
