AS MADARA Cosmetics : achieves 10% turnover growth in Q1 2023

MADARA Cosmetics
Company Announcement AS MADARA Cosmetics achieves 10% turnover growth in Q1 2023

Inside information, 2023-04-27 15:30 CEST -- The Company's consolidated (unaudited) turnover in the first quarter of 2023 was EUR 5.29 million, a 10% increase compared to the same period in 2022 and is the all-time highest first quarter figure so far.

By geographical distribution turnover in the first quarter of 2023 increased 19% in European Union (EU) countries (excluding Latvia) while turnover outside the EU grew by 6%. Meanwhile, turnover in Latvia declined by 11% compared to the corresponding period last year. A significant turnover expansion from exports is consequential because the Company defined clear strategic goals for 2023 regarding the approach of new B2C customers and partnering with new B2B customers. In addition, the direct sales distribution takeover in two EU countries last year - Sweden and Denmark - facilitated early results of the expected long-term returns with a noteworthy turnover increase in EU countries.

In the first quarter, 71% of turnover was generated in EU countries (excluding Latvia), 22% in Latvia, and 7% outside the EU.

The Company successfully continued product development, adding new products to its collection. In the year's first quarter, the semi-matte peptide foundation SKINONYM was launched in 6 shades, which appreciably supplements the growing makeup segment. Furthermore, 2 new products for problematic facial skin care within the ACNE ACT product line under the MOSSA brand were introduced.

Management guidance for the turnover target of the Company for 2023 is EUR 22 million and remains unchanged.

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 ZAB Eversheds Sutherland Bitāns SIA.

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 rang 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: [e-mail]
Phone: [phone]

Certified adviser:
ZAB Eversheds Sutherland Bitāns SIA
Contact person: Justīne Ignatavičute
E-mail: [e-mail]
Phone: [phone]