Lotus Bakeries reports 15 percent internal growth in turnover

The Belgian biscuit and cake maker Lotus Bakeries nv, Lembeke, reports first-half 2008 turnover for the first half totalled EUR 123.7 m, up 16.2% from EUR 106.4 m in the same period last year. Operating profit jumped 36.9% to EUR 16.6 m. Net profit Net profit rose 1% to EUR 10 m helped by the acquisition of Spanish subsidiary López Market. Lotus Bakeries acquired Spanish importer López Market in January 2008 and the business represents around EUR 3 m of Lotus s annual turnover, consolidated from 1 February, the company said. Internal growth amounted to 15%.


The company said sales in all its markets grew "strongly" in the first period, combined with the successful introduction of caramelised biscuit spread in Belgium. An increase in sale prices at the end of last year was made in response to rising raw material costs. Growth in turnover in the second half is not expected to be as strong as in the first half due to rising consumer prices possibly slowing sales volumes, Lotus said.