lucas bols

Lucas Bols announces strong revenue returns

18 November, 2021

Lucas Bols has announced a return of revenues to pre-Covid times for the first half of the 2021/22 financial year.

Total revenue came in at € 45.6m and equals and a year-on-year growth of 70%, mainly as a result of the continued reopening of the on-trade and a favourable comparison base.

Other highlights include:

  • Strong performance in the US: revenue tripled vs the same period last year and showed an accelerated growth of 59% vs. H1 2019/20 (pre-COVID-19)
  • Strong recovery was reported in most markets, except for Japan and Southeast Asia, and in Travel Retail, where restrictive measures continued to negatively impact performance
  • Depletions (sales by distributors) were up 33% compared to H1 2020/21 (+6% vs. H1 2019/20), reflecting a strong in-market performance of our Global Cocktail Brands: Bols Cocktails, Passoã and Galliano
  • The gross margin was 56.6%, in line with last year
  • Operating profit more than doubled to € 11.5 million (€ 5.3 million in H1 2020/21), while net profit came in at € 7.7 million (€ 1.9 million in H1 2020/21). Targeted structural overhead cost savings were achieved
  • Continued focus on cash management resulted in a strong free operating cash flow of € 11.4 million, enabling an important net debt reduction of € 8.9 million to € 83.5 million as at 30 September 2021
  • Management implemented a sharpened brand, market and cocktail-focused operating model, and consequently increased the revenue growth target for the Global Cocktail Brands to 4-5% per annum
  • The company launched Bols Ready-to-enjoy Cocktails in the US and the Netherlands in October to leverage the in-home cocktail consumption trend. The signature Bols cocktails come in innovative Bols Cocktail Tubes and multi-serve bottles
  • With the start of Maxxium BeLux in October, Lucas Bols now controls the distribution of around 40% of its global revenue

Huub van Doorne, CEO of Lucas Bols said: “Although we continue to operate in an uncertain environment we are pleased to see that the underlying in-market performance is back to – and in a number of key markets even ahead of – pre-Covid-19 levels.

“The revenue growth of 70% versus last year underpins the strong rebound. As the on-trade gradually reopened and our enhanced retail performance was sustained, our brands experienced strong consumer demand, as demonstrated by robust depletion trends.

“The Passoã brand is delivering beyond expectations in many key markets: its performance has been spectacular. Substantial growth is also noted for “Bols Cocktails and Galliano. The US market is performing exceptionally well across these brands: a true testament to the strength of our distribution platform there.

“We intensified our direct-to-consumer focus along with bartender engagement. The company’s online presence and retail proposition are key elements of that focus. I am very proud of the recent launch of our Bols Ready-to-enjoy Cocktails: a new proposition that will inspire consumers by bringing home the magic of cocktails.”

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