BRUSSELS: Belgian biscuit maker Lotus Bakeries NV reported on Friday a near 50 percent increase in recurring operating earnings (REBIT) for its first half, driven by revenue growth for Lotus Biscoff, Lotus Biscoff spread and natural foods.
REBIT came in at 43.8 million euros ($49.6 million), up 49.2 percent from the 29.4 million euros reported a year ago. Increased volumes pushed total revenues up by 31.1 percent, representing uninterrupted sales growth since at least 2006.
The maker of Biscoff spread and Peijnenburg gingerbread said it managed to cut its debt by roughly 20 percent from its December 2015 levels as a result of its strong operational cash flow. The company had piled on debt in the second half of 2015 as a result of the acquisitions of Natural Balance Foods and Urban Fresh Foods in the UK.
Lotus Bakeries also said preparations to increase production capacity at its Courcelles facility in Belgium are well under way. Courcelles is to replace the production from its Meise facility which was destroyed by fire on June 3, 2015, and will not be rebuilt.
