Belgian snacking giant Lotus Bakeries has reported a 19.6% year-on-year increase in sales to EUR 599.3 million for the first half of its 2024 financial year.

The company attributed its growth to robust and broad-based volume growth of over 16% across all geographic segments and its three strategic pillars: Lotus Biscoff, Lotus Natural Foods and Lotus Local Heroes.

Lotus Bakeries added that price increases combined with foreign exchange impacts made only a limited contribution of 3% to overall sales growth in the first half of the year.

Adjusted EBITDA for this period increased by 20.9% year-on-year to EUR 20.0 million.

CEO Jan Boone (pictured) commented: “After growing by more than 20% and reaching the billion euro mark in 2023, I would not have expected that we would achieve another 20% or 100 million euros in sales in the first half of 2024.”

“The strong growth of Lotus Biscoff and Lotus Natural Foods underlines the continued momentum and potential of the brands.”

Performance of the divisions

Lotus Biscoff recorded volume growth of over 20% in the first half of the year, driven by the implementation of its growth strategy, which initially focuses on expanding market penetration for its hero products: Biscoff biscuits and Biscoff spreads.

In addition, the strategy places emphasis on expanding demand areas beyond “the best cookie with coffee” and on partnerships with global CPG brands.

Geographically, the brand recorded strong performance in Continental Europe, the UK, the US and Asia Pacific in the first half of the year.

Elsewhere, Lotus Natural Foods continued to outperform the market with strong double-digit growth.

Outside the UK, Lotus Natural Foods grew by almost 30% in the first six months, accounting for more than a third of the business unit’s sales.

In June this year, Mondelēz International announced that it had entered into a strategic partnership with Lotus Bakeries to expand the Lotus Biscoff biscuit brand in India.