The Belgian coffee roaster, catering and vending services specialist strengthened its presence in Europe’s out-of-home coffee market with vending, machines and services acquisitions over the last 18 months, but saw economic headwinds hamper private label retail sales in Europe
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Miko Group CEO Frans Van Tilborg (pictured) said private label coffee in retail “remains a struggle” | Photo credit: Miko Group
Belgium’s Miko Group achieved record EDITDA, strong sales and net profit growth last year despite economic instability in Europe squeezing margins.
The Turnhout-based coffee roaster, catering and vending services specialist posted record EBITDA of €30m ($32.5m) in the 12 months ending 31 December 2023 alongside year-on-year net profit growth of 476% to reach €2.2m ($2.4m).
Miko also achieved 8% year-on-year sales growth to reach €298.8m ($324m) following strong performances across its domestic and international segments. The business primarily provides packaged coffee and out-of-home services across 11 European markets.
Despite its strong results, Miko said margins were ‘wafer-thin’ due to the economic instability across Europe, with the business’ private label-led retail segment hit hardest.
“Private label in retail remains a struggle, but we continue to see our importance as Miko in the out-of-home market grow,” said Frans Van Tilborg, CEO, Miko Group.
Following a deal to purchase Beyers Koffie’s out-of-home activities in Belgium in December 2022, Miko further bolstered its position in western Europe with the acquisitions of German coffee vending machine operator Procon and Dutch coffee machine manufacturer and roaster Capriole Coffee Service in May and November 2023 respectively.
Founded in 1801, Miko Group operates across 11 European countries, as well as Australia. It produces and packages the Miko Koffie, Puro FairTrade Coffee, Grand Milano Coffee and Freehand Coffee Roasters brands.