AS MADARA COSMETICS Reports Successful Third Quarter

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Inside information, 2018-11-14 07:37 CEST (GLOBE NEWSWIRE)

The consolidated (unaudited) turnover of the Company in the 3rd quarter amounted to EUR 2 298K, which is 26% higher compared to the same period last year. Accordingly, during the first 9 months of this financial year, the consolidated turnover reached EUR 6 958K, which is nearly 29% more than in the corresponding period of 2017.

In the third quarter of this financial year, Latvia's sales volume increased by 33% y-o-y; in the European Union (excluding Latvia) a slightly lower sales increase of 29% y-o-y; sales outside the European Union decreased by 26% y-o-y, which can be explained by an abnormally high sales volume there in the third quarter of 2017. Overall, the markets outside the European Union showed a solid performance and allow one to expect further upside.

In Latvia and other European Union countries, which account for more than 90% of the company's business volume, the conditions for the natural cosmetics segment remain favorable. This provides a positive outlook for the fourth quarter of this year, which historically has been the strongest quarter.

Management turnover guidance for 2018 (EUR 10m) remains intact.

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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.