Lakrids records best ever annual financial results, as annual revenues reach €50 million
Latest annual results from Danish-based liquorice group, Lakrids by Bülow have revealed that it has attained its highest-ever financial performance, delivering annual revenues up 18% to DKK 376 million (€50 million) in 2024, reports Neill Barston.
As the company noted as it released its latest annual report, it also gained a boost to its earning before tax, which stood up notably to DKK 64.7 million, up from DKK 58.6 million the prior year, with Brits continuing to embrace the brand, with sales up 90% in the region.
Among its core achievements in the past year have been an overall 27% increase in retail store openings, boosted by new store openings, including the third UK store in Westfield London. The firm has also seen its e-commerce continue to thrive, with a 15% rise in online sales, reflecting the brand’s ability to merge digital and physical retail experiences seamlessly.
Notably, in addition to the company’s latest results first released at the end of January, there was also similarly strong news for its B2B operations, which also grew by 13% during 2024, despite a number of issues that have impacted the confectionery sector in terms of its core supply chains, including increases in core ingredients costs.
Continuing its ambitious mission to make the world love liquorice, last year saw growth across the board, with the UK reportedly being in prime position as among its strongest performing international territories.
Consequently, the company confirmed that Britain will continue to play a considerable portion of its strategic targets in the coming year, which has been underlined by a series of retail store openings across the region. It is expected to hold average annual growth rate of 9% until 2029.
Tue Mantoni, chairman, commented in its annual report: “It is remarkable that what Johan Bülow once began in his mother’s kitchen on Bornholm continues to capture hearts far beyond Denmark’s borders. Our international revenue share now stands at 74% of total revenue, and Germany, which became our biggest market in 2023, delivered a strong 29% growth with no signs of stopping momentum in the years to come.
“Lakrids by Bülow continues to see steadily growing brand awareness in the market, and the opening of five additional own retail stores brings us to 15 stores in total. In addition, we saw an exceptional response.
“In the United Kingdom as well as the United States, which now jointly contribute by more than 10% of total revenue. It is becoming increasingly evident that there is
a strong global appreciation of our products, where consumers across the world appreciate the unique gourmet experience we deliver, rooted in the Danish
confectionery and design heritage. I am also proud to share that our community of Lakrids Lovers grew by over 50% this year, surpassing 220,000 members. The community of Lakrids is invaluable to us as it allows us to maintain a constant dialogue with our loyal and engaged customer base.”
Fredrik Nilsson, the company’s CEO, welcomed its significantly improved financial position. He commented: “I am incredibly proud of the 2024 results, where we have achieved growth both at the top and bottom line. Delivering substantial revenue growth while also increasing profitability demonstrates how our strategy—focusing on both online retail and expanding our physical store presence—is working,”
“The cocoa we purchase is a high-quality product, and prices have risen significantly in recent years. That said, ensuring the quality of our products remains our top priority, and we have worked hard to continue delivering the products our customers know and love.”
He continues: “In 2024, we have continued to build on our strategy of international expansion with the opening of seven new stores outside Denmark, including our third UK store. The UK is a vital part of our international growth strategy. We have seen an incredible response from British consumers, and our continued investment in physical retail, along with digital growth, is proving successful.”
LAKRIDS BY BÜLOW Winter Collection 2024
As the business noted, it has seen export sales grow by 32% in 2024, and 74% of the brand’s total revenue coming from international markets (up from 70% in 2023). There has been an exceptional response in the UK for the products, which now contributes 5% of the brand’s total revenue, increasing from DKK 9.6 million in 2023 to DKK 18.3 million in 2024. Seven new stores opened globally, bringing the total number to 40 around the world.
Building brand loyalty
As the company added, a key driver for engagement has been its Lakrids Lovers, the brand’s exclusive taste panel and community. The group grew from 150,000 to over 220,000 members globally in 2024, with the UK panel expanding to nearly 20,000 active members, reflecting strong consumer enthusiasm.
Despite rising raw material costs, particularly cocoa, the firm added that it remains confident to sustain profitability and growth for 2025. The company’s diversified business model and strong international presence continue to mitigate industry challenges.
Fredrik Nilsson concluded: “We enter 2025 with momentum, a clear expansion strategy, and an unwavering commitment to bringing our premium liquorice to even more consumers worldwide.”
