TURNHOUT, Belgium – Despite a difficult year, Miko – the Euronext Brussels listed coffee service specialist – achieved a record EBITDA of over 30 million euros. Turnover increased by 8.4% to 289.8 million euros. EBIT, EBITDA and net profit evolved to 6,6 million euros, 30,0 million euros and 2,2 million euros, respectively. This is an increase of respectively, 107%, 15% and 476% compared to 2022. (Adjusted for non-recurring income, the evolution of EBIT, EBITDA and net profit were 202%, 16% and 131% respectively).
Investments in property, plant and equipment amounted to 26.3 million euros in 2023.
Within its traditional core activity, Miko provides a far-reaching coffee service to the out-of-home market, whereby offices, companies, institutions and the hotel and catering industry are completely relieved of their coffee concerns. Within this business, a good growth was achieved across almost the entire line of subsidiaries, both at home and abroad.
As recently as May 2023, Miko acquired the German company PROCON, which is based in Magdeburg, and achieves sales of about 1.5 million euros with about 10 employees. PROCON also operates in the out-of-home market, focusing on offices.
In November 2023, Miko announced the acquisition of Capriole Coffee Service, a coffee service operator based in The Hague, Netherlands, with also a subsidiary in Kampenhout, Belgium. With some 60 employees, the company achieves sales of more than 12 million euros.
The focus is also on the office market. Through this geographical combination, Miko realizes a significant strengthening of its presence in the Benelux. Under the motto “Care for People, Care for Planet and Care for Product,” Capriole carries everything to do with sustainability very highly. This picture fits perfectly with Miko’s strategy.
The group’s results were negatively affected by the retail segment where the focus is on private label. This division had to contend with wafer-thin margins due to the geopolitical and economic instability that arose in 2022 where increased costs could only be partially passed on. Within retail, this crisis has not yet been digested.
Although the 2023 results were under pressure, the Board of Directors proposes to the general meeting to pay a dividend of 1.87 euros gross per share. This is in line with the period before COVID and before the invasion of Ukraine.
So says Frans Van Tilborg, CEO of the Miko Group:
“Private label in retail remains a struggle, but we continue to see our importance as Miko in the out-of-home market grow, not only in euros, but also in volume. We are pleased that we are meeting this challenge and doing so in a market that remains a victim of out-of-home. Meanwhile, we are significantly strengthening our market position in the Benelux by acquiring the out-of-home business of Beyers at the end of 2022, and of Capriole Coffee Service in November 2023. The fact that we invested 17.9 million euros in coffee machines, the engine of this division, and continue our plans for a state-of-the-art new-build site confirms our positive outlook for the future.”
