AS MADARA Cosmetics generated 4.2% lower year-on-year turnover in the first 9 monthsInside information, 2022-11-01 08:20 CET --
In the first 9 months of 2022, the consolidated (unaudited) turnover of AS MADARA Cosmetics was EUR 14.2 million, which is a 4.2% decrease compared to the same period last year. In the third quarter of 2022, the Group operated with EUR 4 million consolidated (unaudited) turnover, which is a 19% decrease compared to the third quarter of 2021.
By geographical distribution, the most significant turnover decline (36% y-o-y) was observed in the home market, turnover outside the European Union decreased by 25% y-o-y, while turnover in the European Union (excluding Latvia) by 11% y-o-y (all figures for the third quarter of 2022).
In the third quarter of 2021 the Group initiated several new collaborations (one of which was for the Cosmetics Nord SIA subsidiary), implying distinctly larger one-time orders at the beginning of cooperation, which positively impacted last year’s third quarter figures.
In light of turnover trends, AS MADARA Cosmetics management has performed cost optimization activities, while drawing special attention and maintaining to invest in operations related to the achievement of strategic goals and directed to the Company’s growth promotion.
SELFNAMED.com, AS MADARA Cosmetics group’s first technological start-up, which commenced sales at the beginning of 2022, generated 84% larger turnover in the third quarter compared to the total turnover of the first half of the year.
The assortment of Mádara brand in the third quarter of this year was enriched with new and improved products. To satisfy our clients’ needs even better, the face peeling line PEEL will provide customers with 3 different products instead of 1 single product as before. Additionally, we also developed a gentle product line KIND, suitable for children and adults. Besides, the assortment was supplemented with many more new body care products.
Previously announced and reviewed management guidance for the turnover target of the Group for 2023 remains intact at EUR 22 million.
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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