Inside information, 2018-05-10 09:00 CEST (GLOBE NEWSWIRE) -- AS MADARA Cosmetics publishes its audited unconsolidated and consolidated annual reports of the financial year 2017. The reports are available in the attachment (in English).
The reporting year has been completed successfully – it has resulted in a number of significant events and strategically important successes creating positive conditions for the Group's future development. In 2017, we continued to strengthen our position as one of the most innovative certified natural cosmetics manufacturers in Europe, proving that there are great opportunities for innovation and growth in the industry.
As the most significant strategic success in the reporting period, the Parent Company has successfully completed the initial public offering of shares (IPO) and the listing of shares in Nasdaq Riga alternative list First North.
In 2017, the Group has successfully worked on the sales channels developed in previous years, reaching a 26,28% increase in turnover compared 2016. The profit of the Group has increased along with increase of turnover to 1,25 million EUR after income tax, which is an increase of 55.16% compared to 2016. Profit growth has been higher than the increase in turnover and shows an increase in the Group's efficiency.
2017 was the first full year of the operations at the new plant in Marupe, 131 Zeltinu Street, where the production process has become much more effective, resulting in the gross profit margin increase from 56,7% in 2016 to 62,9% in 2017. In 2017, investments have been made to improve the production process in the amount of 148 000 EUR, and the process will be continued further in the next years with the aim of increasing the productivity of production work.
The Group's production capacity is sufficient to sustain growth at its current pace.
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/.
Additional information
Uldis Iltners
Managing director
MADARA Cosmetics AS
P +371 66154812
uldis@madaracosmetics.com
www.madaracosmetics.com
