19th Mar 2020 18:07
(Alliance News) - Ukrproduct Group Ltd on Thursday said that 2019 earnings and operating performance exceeded expectations due to a robust performance by the Ukrainian economy during the period.
The Ukrainian producer and distributor of dairy foods and beverages expects 2019 operating profit to multiply to GBP1.6 million from GBP190,000 a year ago. Revenue is predicted to rise 35% year-on-year to GBP50 million, with margins improving to 4% from 2%..
The company also expects to record a net foreign exchange gain of GBP1.1 million due to strengthening of the hryvnia during 2019. In 2018, forex gain amounted to GBP0.40 million.
On Covid-19 impact on first quarter trading, the company said it is difficult to asses the impact at this stage.
Shares in the company closed 43% higher at 5.00 pence each in London on Thursday.
By Tapan Panchal; [email protected]
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