Lotus Bakeries, the UK division of the brand behind the famous Lotus Biscoff range, has reported another increase in sales as it continues to diversify into unexpected markets, according to newly-filed documents.
The company, whose British headquarters are in Cheshire, saw its turnover rise to £75.8m in the year ending December 31, 2023, up from £63.3m in the 12 months before.
As a result Lotus also reported an increase in pre-tax profit, which hit £19.1m by the end of the period compared to £63.3m in 2022.
The directors paid dividends of £10.5m during the year, down from £27.5m in the 12 months before.
The company hailed ongoing investment in diversifying its product range for the strong results, which allowed it to overcome “challenging circumstances” including increasing inflation and the global energy crisis.
Lotus, which alongside its famous Biscoff cookies range also owns the snack bar brands Nakd and Trek, has seen triple over the past five years as the company launched collaborations with huge names including Kitkat, McDonalds McFlurries and even candle companies.
Since 2018 the UK team has grown from 9 employees to 15.
How is Lotus Biscoff selling around the world?
The Lotus parent company, which is headquartered in Belgium, has seen similar growth to its UK arm in recent years, reporting group revenue of just over €1bn (£843m) in 2023, an increase of 21 per cent year on year.
It said the biggest driver of this had been its geographical expansion, with its products now available in more than 60 different countries.
It said: “In the last few years, we achieved strong growth in big consumer markets, including the United States, the United Kingdom, China, South Korea, Germany, Spain, Italy, Canada, Japan and Australia.
“The geographical expansion of Lotus Biscoff is the primary pillar of growth, with plenty of further potential.
“In numbers, we’re talking about an average yearly growth over the past 10 years of around 16 per cent.
” To keep up with increasing demand, it is necessary to continue investing in expanding our production capacity.
“To support Biscoff’s continued internationalisation, a third plant is under construction in Thailand in
addition to existing production facilities in Lembeke in Belgium, and in Mebane in the United States.”