AS MADARA Cosmetics unaudited interim report for 6 months of 2022Inside information, 2022-08-22 15:30 CEST --
AS MADARA Cosmetics publishes its unaudited interim report for the first six months of the financial year 2022. The consolidated turnover reached EUR 10.21 million, which is an increase of EUR 301 thousand compared to the corresponding period in 2021.
Previously announced management guidance for the turnover target of the Group for 2023 is reduced from EUR 27 million to EUR 22 million. The main reasons for the adjustment are the changes in market development impacted by the global political and economic factors and growing competition in the e-commerce segment. As a result, we predict that the previously set EUR 27 million turnover target could be achieved in 2024.
The financial report along with management report is available in the attachment (in English).
Management Board of AS “MADARA Cosmetics”
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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