Net profit of Belgian coffee service and packaging specialist Miko (Oud-Turnhout; www.mikocoffee.com) rose 14% last year to EUR 8.9m after earnings before interest and taxes (EBIT) soared 56% to EUR 16m on the back of profit rises in coffee service and plastic packaging divisions. A major order in Indonesia boosted the plastic packaging's EBIT by 85.2%.

Coffee service sales, which made up half of the group's EUR 191.5m revenue, grew in most of its home markets. Both the merger with Qusotic (Altdorf bei Nürnberg / Germany; www.qusotic.com) in December 2015 and the acquisition of Sweden’s Smiling Faces (Stockholm; www.smilingfaces.se) helped increased sales 7.8%.

Miko CEO, Frans Van Tilborg, said: "2016 has been a record year," citing the one-off order with Indonesian partner Innoware as a major driver of earnings. EBIT would still have risen by 14% even without this order, he noted.

"The picture for 2017 is still not looking very clear. With 12.4% of our turnover generated in the UK, Brexit and the fall in the value of sterling which has resulted from this will make it more difficult for our business activities in the UK," he said, adding the expansion into Scandinavia would mitigate the sterling's impact on earnings. Miko's investment budget this year is forecast at EUR 15.8m.