LHV Institutional Baltic Insight, November 11th, 2020
* MADARA Cosmetics AS (hereafter ‘MADARA’ or the ‘Company’), a leading Latvian producer of natural cosmetics and beauty products, announced that its Q3 2020 revenues increased nearly 50% y-o-y to EUR 4.02m. As the Company is listed on the alternative market, Nasdaq Baltic First North, MADARA publishes its full financial statements semi-annually. The latest quarterly figures bring the total for the first nine months of 2020 to EUR 12.24m, corresponding to a solid 48% y-o-y expansion in sales.* Overall, we treat the Company’s Q3 2020 sales number as an encouraging sign about MADARA’s ability to avoid any major setbacks due to the pandemic situation and successfully pursue its growth strategy with a stronger focus on e-commerce and finding new resellers in the Western Europe countries. The management repeated its 2020 revenue guidance of EUR 15m, saying that the outlook for the last quarter of 2020 remains positive.
* Considering the nine-month 2020 sales, the Company should have no issues to exceed the guidance. Thus, we are also likely to review our projections for the full-year 2020 revenues for a potential upgrade.
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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