The Belgian coffee roaster and services company has cited rising raw materials and operational costs as key challenges for the year ahead but says the impact of Covid-19 in Europe has largely abated
Photo credit: Miko Group
Miko Group has credited the return of workers to offices across Europe for boosting its half-year performance but has cautioned that rising costs and geopolitical uncertainty mean its outlook remains uncertain.
Reporting its results to 30 June 2022, Miko Group posted total revenue growth of 169% to €130m ($130m) and net profit of €44.7m ($45m).
The Antwerp-headquartered company said inflationary trends arising from increased raw materials and operational costs ‘could not be passed on fully to the market’.
Challenges arising from Covid-19 diminished across Europe during the period, the company noted, except for its key Netherlands market where restrictions remained in place until March 2022.
In 2021, Miko acquired a majority stake
in Dutch workplace vending machine company, MAAS and Belgian private label roaster SAS Koffie for a combined total of €14.6m ($14.6m).
The Antwerp-headquartered company also offloaded its plastic packaging division, Miko Pac, to German packaging group PACCOR, to focus solely on its coffee businesses.
“We can be satisfied with our performance in the known difficult market conditions. In certain segments of our client base, such as government departments, working from home remains the norm for the time being. We are currently noticing a steady increase in the numbers of people returning to the office. It is not possible either to predict the future impact of the continuing geopolitical instability. This is why we are not presenting any prospects,” said Frans Van Tilborg, CEO of the Miko Group.
Founded in 1801, Miko Group controls prominent retail coffee brands, including Miko Coffee and Puro Coffee, in addition to operating a private label coffee roasting business. The group also provides coffee services and a machines to hospitality customers, workplaces and public facilities across Europe.