AS MADARA Cosmetics concludes first quarter with 7.4% turnover growthInside information, 2022-04-28 16:54 CEST --
In the first quarter of 2022, the Company operated with EUR 4.81 million consolidated (unaudited) turnover, a 7.4% increase y-o-y.
Turnover in European Union countries (excluding Latvia) increased by 14%, while turnover in Latvia declined by 2% and by 4% outside the European Union. High COVID-19 infection rates in various Company's focus countries in January and February, as well as the war in Ukraine in the first quarter reduced activity in several of the Company's markets. Despite the above factors, we have been able to achieve an increase in turnover. The Company's supply chains operate stably, the Company has sufficient finished goods and raw material inventories for future periods.
In the first quarter, 66% of turnover was generated in European Union countries (excluding Latvia), 27% in Latvia and 7% outside the European Union. The share of direct e-commerce of the parent Company’s turnover was 39%, a 6 percentage points decrease y-o-y.
The Company continued product development and added a number of new products to its assortment. In the first quarter of the year, DERMA COLLAGEN Night Source Sleeping Cream and 3 body care products (body lotion, body peel, deodorant) were unveiled. In addition, several changes happened to already beloved product lines. TIME MIRACLE Wrinkle Resist Eye Cream was rebranded and gained an improved formula together with new packaging, 2 new shades of CITY CC SPF 15 cream, 3 shades of concealer and 2 red lipstick shades were introduced.
The highlight of the first quarter was the launch of the print-on-demand business. On the Selfnamed self-service web platform, https://selfnamed.com clients can order unique face, body and hair care products with their own design starting from 1 piece. After the launch of the project’s MVP (minumum viable product) we observe growth in the number of customers and order volumes as well as healthy and promising interest from potencial customers.
Management guidance for the turnover target of the Company for 2023 is EUR 27 million and remains unchanged.
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 was founded in 2006 and has become one of the leading manufacturers of cosmetics in Northern Europe and the leader in Latvia. The cosmetics brand MÁDARA represented by the company is a pioneer in the segment of natural beauty care and make-up cosmetics in Latvia. In 2016 and in 2017, the company ranked in the Top 10 of the Most Reputable Companies of Latvia. At the beginning of 2017, the limited liability company was transformed to a joint-stock company. Since November 2017, the company’s shares have been listed on the “Nasdaq Baltic” alternative market “First North”. The company has been awarded the European “Role Model” award of the “SME Star Awards 2018” organised by the European Parliament in Brussels for small and medium companies. In 2019, the company received the Excellence Award at Nasdaq Baltic Award 2019 and is one of the companies that rings the bell of the trading session on the Nasdaq Stock Exchange in New York. At the end of 2020, the idea of AS MADARA Cosmetics gained worldwide recognition and won the World Intellectual Property Organization (WIPO) award WIPO IP Enterprise Trophy. 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
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