LHV Institutional Baltic Insight, April 27th, 2021
* MADARA Cosmetics (MDARA LR), a leading Latvian producer of natural beauty products, is listed on Nasdaq Baltic First North and reports a full set of financial performance numbers semi-annually. However, the Company reported its consolidated unaudited turnover for Q1 2021, on 27th April 2021, at EUR 4.48m (+38.7% y-o-y, +12% q-o-q).* This growth is primarily driven by a significant increase in direct e-commerce sales. The share of direct e-commerce in the Company’s turnover increased to 45% (+14pp y-o-y, +11pp q-o-q) in Q1. During the past couple of years, MADARA made substantial investments into developments of e-commerce channels, and these investments have started to pay off.
* The Company reiterated its target, initially announced in December 2020, to achieve revenues of EUR 27m in 2023. The Company is planning to achieve this target by doubling its production compared to the 2020 level. Please also refer to the tables in the attachment.
LHV Bank is an independent pan-Baltic bank, based on Estonian capital. The company was founded in 1999 by two founders of Hansapank (today’s Swedbank in the Baltics) and has been offering a full range of investment services for 15 years. In May 2009, LHV received a credit institution licence allowing it to provide all banking services.
The head office is situated in Tallinn, Estonia. Cross-border services are offered in Vilnius, Lithuania and in Riga, Latvia. LHV provides brokerage (institutional and retail), asset management, banking and capital markets services. Compared to other banks, we are more innovative and have more solid experience in investment and entrepreneurship.
The Bank, together with the Group asset management company employs over 320 people. LHV Group shares are listed on Nasdaq Tallinn.
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