Sales of AS MADARA Cosmetics Increased by 6% in the First Quarter
Inside information, 2019-05-15 08:42 CEST --
The consolidated (unaudited) turnover of the company in the first quarter of 2019 amounted to EUR 2 587 thousand, a 6% increase compared to the same period last year.
Healthy growth has continued in the company's main sales channels, reaching 19% y-o-y in European Union countries (excluding Latvia) and 10% y-o-y growth in Latvia. In the first quarter, sales outside the European Union fell by 63% y-o-y due to distributional setup changes in several countries. These are expected to have a positive impact starting from the third quarter of 2019 and the share of sales from outside the European Union may then commence recovering towards previous levels.
In the first quarter, 65.6% of sales came from European Union countries (excluding Latvia), 29.8% from Latvia and 4.6% from outside the European Union.
Overall, the situation in the company's main channels remains positive and faster growth is expected in coming quarters of this year.
AS MADARA Cosmetics management's previously announced turnover target of EUR 15 million in 2020 remains intact.
The shares of Madara Cosmetics are admitted to trading on Nasdaq Baltic First North Market.
The Certified Adviser for AS Madara Cosmetics is AS LHV Pank.
MADARA Cosmetics, founded in 2006, is the local pioneer in the field of natural cosmetics. In 2016 and 2017 the company and its managers were ranked among the top-10 Most Admired Business Leaders in Latvia. MADARA develops and manufactures all products exclusively at its own laboratories and facilities to ensure 100% control over processes. Further evidence of its passion for quality and perfection in every detail are the company’s ECOCERT organic certification, GMP (ISO 22716:2007) standard, and in vitro and in vivo research. For more information, visit madaracosmetics.lv/investors/.
Address: 131 Zeltiņu Street, Mārupe district, Mārupe, LV 2167, Latvia
Contact person: Uldis Iltners, member of the Management Board
Phone: +371 67 470 243
AS “LHV Pank”
Contact person: Ivars Bergmanis
Phone: +372 680 2720