Lockdowns, quarantine and working from home, it clearly didn't hurt the cookie industry, according to Lotus Bakeries' annual results. The cookie giant saw a sharp increase in sales and net profit, and the company will invest 150 million euros over the next three years. A good report for Lotus in a difficult year.
These are impressive figures: Lotus closed 2020 with an 8.3 percent increase in sales and an 11.2 percent increase in net profit. Figures that many companies can only dream of in a difficult year. Yet it was far from obvious for Lotus, too, says Jan Boone, top executive at the cookie company: "Sales in the hospitality industry were down 30 percent. It was strange when the hospitality industry and airlines suddenly didn't place orders. Fortunately, our customers bought a lot more of our products in the supermarket. To eat as is, but also to incorporate into dishes. I have seen many interesting creations pass by on Instagram and TikTok," says Jan Boone, CEO at Lotus Bakeries. That speculoos cookies, ice cream and pasta ended up in the shopping basket more often is clear: the speculoos branch grew by more than 10 percent.
Besides a corona year, we also remember 2020 as the year of brexit. Lotus Bakeries was little affected by this, quite the contrary: 'In the UK we experienced an insanely strong year. Last year the country became the second most important market for our caramelized biscuits after the US. We think we can still grow in the UK even after brexit.'
150 million in investments
Due to the strong growth in recent years, Lotus needs to expand its factories. The cookie company will invest 150 million euros over the next three years. New production lines will be built in the Belgian speculoos factory and a new line will be started in the wafer factory in Courcelles. For the biggest expansions, however, Lotus is looking abroad: Lotus opened a caramelized biscuit factory in the U.S. barely two years ago, but this will soon be doubled in size and there will be a brand new international headquarters in Switzerland for Nakd fruit bars and Bear candies.
The investments are also good news for the labor market: 'In the next few years we will create around 150 jobs, 50 to 75 of which will be in Belgium,' says Jan Boone.
Read more. 'Our American Lotus factory doubles in size' | De Tijd