AS MADARA COSMETICS update on the operational and financial impact of the coronavirus (COVID-19)
Inside information, 2020-03-17 10:42 CET --
Responding to requests for an update on the impact of the existing operating environment due to the coronavirus (COVID-19), the Company discloses that the first financial quarter result for 2020 will be in-line with budgeted expectations.
Subsequent to recent decisions and recommendations taken by various national governments the Company has taken many steps to minimise the risk of infection by its employees. With continuing flow of trade across international borders previous production schedules are continuing to be observed. The Company notes that the key selling destinations of its products (Finland and Latvia, among others) have been less impacted thus far by the abovementioned pandemic. Moreover, compared to most other companies, it has a significantly higher exposure to e-commerce, thus not being as reliant on footfall at retail locations. Indeed, further efforts have been taken to focus more on this side of operations due to the prevailing conditions.
Going forward there is some uncertainty about the economic environment, however, the Company continues to embrace this by innovating and adapting to the changes and challenges presented to it while looking to deliver the best possible outcome to its various stakeholders, including its loyal customers.
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/.
Address: 131 Zeltiņu Street, Mārupe district, Mārupe, LV 2167, Latvia
Contact person: Uldis Iltners, member of the Management Board
Phone: +371 67 470 243
AS “LHV Pank”
Contact person: Ivars Bergmanis
Phone: +372 680 2720