Inside information, 2018-11-14 07:37 CET (GLOBE NEWSWIRE) -- The consolidated (unaudited) turnover of the Company in the 3rd quarter amounted to EUR 2 298K, which is 26% higher compared to the same period last year. Accordingly, during the first 9 months of this financial year, the consolidated turnover reached EUR 6 958K, which is nearly 29% more than in the corresponding period of 2017.
In the third quarter of this financial year, Latvia's sales volume increased by 33% y-o-y; in the European Union (excluding Latvia) a slightly lower sales increase of 29% y-o-y; sales outside the European Union decreased by 26% y-o-y, which can be explained by an abnormally high sales volume there in the third quarter of 2017. Overall, the markets outside the European Union showed a solid performance and allow one to expect further upside.
In Latvia and other European Union countries, which account for more than 90% of the company's business volume, the conditions for the natural cosmetics segment remain favorable. This provides a positive outlook for the fourth quarter of this year, which historically has been the strongest quarter.
Management turnover guidance for 2018 (EUR 10m) 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/.
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