Lotus Bakeries increases half-year sales and strenghtens its investments

The recurrent operating cash flow (REBITDA) amounts to € 67.1 m or 20.7% of turnover, and increased by € 6.2 m year on year, representing 10.1% growth.

According to the company, this significant growth is mainly due to Lotus Biscoff^®, which was able to accelerate its widespread international expansion for its three concepts: Biscoff^® Cookie, Biscoff^® Spread and Biscoff^® Ice Cream. The most direct and negative impact of Covid-19 on Lotus revenue is on products, which find their way to consumers via the out-of-home channel. Those brands and products specifically designed for an on-the-go consumption moment have also experienced falling demand during this crisis.

In addition, Lotus Bakeries reached an agreement with Jamie and Greg Combs, founders of Natural Balance Foods (NBF), to purchase the majority of their remaining stake, in a deal that gives Lotus Bakeries 97.9% ownership. Jamie and Greg Combs will remain on board as trusted ­advisors focussing on innovation and sparring partners and will keep a 2.1% shareholder stake.

And FF2032, Lotus Bakeries‘ in-house venture fund, made its second investment in 2020, taking a minority stake in Love Brands Inc., a New Jersey-based company which markets a delicious crunchy corn snack under the Love Corn brand. The Love Corn snacks are vegan, ­gluten free and non-GMO. The company achieved sales of around USD 5 m in 2019. The goal of FF2032 is to create a platform for investment in promising brands and growth companies offering innovative products, technologies or market approaches within the food sector.