Miko Group attributed its improved half-year performance to the return of employees to its offices across Europe, but cautioned that rising costs and geopolitical uncertainty make its outlook uncertain.
Miko Group reported total revenue growth of 169% to €130m ($130m) and a net profit of €44.7m ($45m) for the fiscal year ending 30 June 2022.
The Antwerp-based company stated that inflationary trends caused by higher raw material and operational costs “could not be fully passed on to the market.”
During the period, Covid-19-related obstacles decreased across Europe, with the exception of the Netherlands, the company’s most important market, where restrictions remained in place until March 2022.
In 2021, Miko acquired a majority stake in Dutch vending machine manufacturer MAAS and Belgian private label roaster SAS Koffie for a total of €14.6 million ($14.6 million).
To focus solely on its coffee businesses, the Antwerp-based company sold its plastic packaging division, Miko Pac, to the German packaging group PACCOR.
“We are pleased with our performance in light of the known challenging market conditions. For the time being, working from home remains the norm for a subset of our clientele, such as government departments. Currently, we are observing an increase in the number of people returning to the office. Neither is it possible to predict the future consequences of the ongoing geopolitical instability. This is why we are not presenting any prospects, said Miko Group CEO Frans Van Tilborg.
Miko Group, founded in 1801, controls prominent retail coffee brands, including Miko Coffee and Puro Coffee, as well as a private label coffee roasting enterprise. Additionally, the group offers coffee services and machines to hospitality clients, workplaces, and public facilities throughout Europe.