29th Jun 2020 15:44
(Alliance News) - Ukrproduct Group Ltd on Monday posted a sharp rise in its earnings for 2019 but decided to hold future guidance due to uncertainty caused by Covid-19.
Shares in the producer & distributor of dairy foods and beverages were trading 4.8% higher at 6.00 pence each on Monday afternoon in London.
For 2019, Ukrproduct posted revenue of GBP50.0 million, up 36% from GBP36.9 million recorded for 2018. Pretax profit was GBP2.0 million, surging significantly from GBP90,000.
The company said the strengthening of the hryvnia increased the buying power of the Ukrainian position, allowing retail sales to increase significantly, with the third and fourth quarter of the year showing greater than 10% year-on-year growth.
Looking ahead, Non-Executive Chair Jack Rowell said: "Whilst the company plans to consolidate and build on the progress achieved in 2019, with trading in the first quarter of 2020 in line with the board's expectations, the negative impact that Covid-19 is likely to have on consumer spending and the group's performance is difficult to quantify and predict at this stage."
As at the end of December, Ukrproduct had cash of GBP230,000.
By Ife Taiwo; [email protected].
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