Sales at Lotus Bakeries UK have leapt by almost a fifth (19.7%) year-on-year, as the manufacturer looks to further expand its Biscoff brand through new product partnerships.
The UK arm of the Belgium-headquartered business posted revenue of £75.9m in its full accounts for the year ended 31 December 2023, filed to Companies House. This was more than £12m up from the £63.4m recorded in 2022, and saw the firm extend its run of successive growth in UK turnover to 12 straight years.
The latest increase in revenue related to both its branded business and B2B customers, it noted. Operating profit for the Cheshire-based subsidiary rose to £19.1m (FY2022: £15.8m), while gross profit margin dipped slightly down to 42.7% from 44.4% the year prior.
Lotus Bakeries UK said it had shown “resilient performance” last year despite challenging circumstances crossing its path, such as the global energy crisis and increasing inflation. It revealed it would continue to drive value and volume growth into 2024 by further investing in the Lotus Biscoff branded portfolio within retail and out-of-home channels.
“We look forward to a successful year in the UK,” added the company.
Back in June, Lotus announced a strategic partnership with Mondelēz International to develop and market co-branded chocolate products featuring its caramelised biscuit in the UK and other European markets. A Cadbury and Biscoff co-branded product is expected to be launched in the UK early next year.
Biscoff biscuits are also a popular topping for sweet bakery treats such as doughnuts. Krispy Kreme extended its partnership with Lotus earlier this year by creating a limited-edition Blissfully Biscoff range, and then kept a place for the original Biscoff doughnut on its core range after a revamp in August.
Bakery supplier Délifrance unveiled Biscoff muffins for wholesalers last December, while Lotus also joined forces with US brand Cinnabon two years ago to launch a trio of new sweet buns for the UK market. A few months prior, the company acquired UK-based sourdough cracker and crisp firm Peter’s Yard, which joined its brand portfolio that includes Nākd, Trek, Bear, and Kiddylicious.
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