Published: 2020-12-22 07:30:00 CET
MADARA Cosmetics
Company Announcement

AS MADARA Cosmetics plans to meaningfully increase turnover during the coming 3 years

Inside information, 2020-12-22 07:30 CET -- The company's management confirms that this year’s turnover target of EUR 15 million will be comfortably surpassed and that the expected consolidated turnover will reach EUR 16 million.

Taking into account this year’s target fulfilment, the company's management announces the turnover target for three years’ time. Considering the company's planned development activities and the growing brand recognition in the most important European markets, as well as the development potential of the natural cosmetics industry in general, the management of AS MADARA Cosmetics plans to continue achieving growth of around 20% per annum, reaching a consolidated turnover level of EUR 27 million in 2023. Online sales are expected to continue to play an important role in the company’s development.

 

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 investors.madaracosmetics.com/.

         Contact information:
         Address: 131 Zeltiņu Street, Mārupe district, Mārupe, LV 2167, Latvia
         Contact person: Uldis Iltners, member of the Management Board
         E-mail: uldis@madaracosmetics.com
         Phone: +371 67 470 243
         
         Certified advisor:
         AS “LHV Pank”
         Contact person: Ivars Bergmanis
         E-mail: ivars.bergmanis@lhv.ee
         Phone: +372 680 2720