Belgian snacking giant Lotus Bakeries has posted a 21.1% increase in revenue to €1.06 billion in its full financial year 2023.
Lotus Bakeries reported strong performance across all three strategic pillars: Lotus Biscoff, Lotus Natural Foods and Lotus Local Heroes.
All three divisions witnessed double-digit growth during the financial year, contributing to an overall revenue growth of €185 million compared to the previous financial year.
Recurring EBITDA rose by €38 million, or 22% year on year, to €208 million, accounting for 19.5% of total sales.
Lotus Bakeries chief executive, Jan Boone stated, “I am extremely proud to announce that we reached this €1 billion revenue milestone in 2023! [...] This is a team effort from all of us, working together every day, across boundaries of departments, brands and countries.”
Divisional Performance
Lotus Biscoff saw revenue up 20% year on year to reach a new milestone of €500 million during the financial year.
In Europe, the business unit saw significant sales increases in several countries, with market penetration growing in larger consumer markets like Germany, France, Spain, Italy and the UK.
Lotus Natural Foods generated revenue worth €220 million, driven by double-digit revenue growth.
In the UK, the Lotus Natural Foods brands achieved double-digit growth and Lotus Natural Foods’ international activities outside the UK grew by more than 35%, accounting for one third of total sales generated by the division.
Lotus Local Heroes reported 15% sales increase, driven by price increases and restoring a range of products with almost all retailers.
Outlook 2024
Lotus Biscoff did not make any short term predictions and added that geopolitical uncertainty and volatility on global commodity markets remain at the forefront.
The company said its strategic pillars remain well positioned to withstand the challenges.
Boone added, “We firmly believe in the effectiveness of our strategy and hold a positive view about the future prospects of Lotus Bakeries and its aspirations.”
