Business
Ukrproduct Announces Unaudited Financial Result...
Ukrproduct Announces Unaudited Financial Result....
About this update from Ukrproduct Group Ltd
[{"type":"text","content":"\n Ukrproduct Group\n \n\nUkrproduct Group Limited ('Ukrproduct' or the 'Group' or the 'Company') (AIM:\nUKR), a leading producer and distributor of branded dairy products in Ukraine,\ntoday announced its unaudited consolidated IFRS financial results for the six\nmonths ended June 30, 2008.\n\nFIRST HALF HIGHLIGHTS\n\n(Figures in brackets are for the six months ended or as at, 30 June 2007)\n\n -- Consolidated revenues up by 7.7% year on year to GBP 23.6 million (GBP\n 21.9 million)\n\n -- Revenues in branded products segment up by 50.6% year on year to GBP\n 16.3 million (GBP 10.8 million)\n\n -- Gross profit decreased by 3.0% year on year to GBP 4.6 million (GBP 4.8\n million) with Gross margin of 19.6% (21.8%)\n\n -- Gross profit for branded products increased by 41.2% year on year to GBP\n 3.8 million (GBP 2.7 million)\n\n -- EBITDA declined by 18.6% year on year to GBP 2.0 million (GBP 2.5\n million) with EBITDA margin of 8.6% (11.3%)\n\n -- Profit after tax decreased by 26.8% year on year to GBP 1.0 million (GBP\n 1.4 million) with profit margin of 4.3% (6.3%)\n\n -- Total assets up by 16.0% to GBP 25.1 million (GBP 21.7 million)\n\nSergey Evlanchik, Chief Executive Officer of Ukrproduct, commented: 'Ukrproduct\nhas delivered strong growth in branded products' revenues and gross profits in\nthe first half of 2008. In line with our stated strategy we continue to focus on\nbranded products, including processed and hard cheeses, and packaged butter. Our\nskim milk powder ('SMP') segment has reversed its highly positive trend in 2007\nand was impacted by price volatility in global dairy markets.\n\nLooking forward, we expect sales in our core branded products, soft cheese and\npackaged butter, to continue growing at the same rate as in the first half.\nSales in our new product segment, hard cheese, are expected to be robust in the\nsecond half as we continue to increase the production volume and receive\npositive feedback from customers. Furthermore, Ukrproduct introduced a new\npremium brand 'Molendam' for its cheeses and packaged butter to national\nsupermarket chains, and we expect this brand to compete successfully with\nimported dairy products.\n\nWe anticipate global commodity pricing in skim milk powder to continue impacting\nour performance in this segment in the second half. In addition, import\nrestrictions on the Uk...