Bulgaria's Smart Organic sees 10% growth in Q1 sales revenue – SeeNews

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Apr 14, 2022 15:39 EEST
SOFIA (Bulgaria), April 14 (SeeNews) – Bulgarian organic products maker and distributor Smart Organic [BUL:SO] said on Thursday that its consolidated first-quarter sales revenue increased 10% on the year to 11.85 million levs ($6.6 million/6.1 million euro), although fraught market conditions led to growth below expectations.
Monthly turnover stood at roughly 4.8 million levs in March and 3.5 million levs in each of January and February, Smart Organic said in a stock exchange filing.
Sales growth was distributed comparatively evenly among the company’s main channels, namely the home market, export markets and proprietary stores. Sales through the e-commerce channel, including Amazon.com, surged 97%, although they account for a modest 3% share of overall revenue.
Alongside ongoing investments in expanding its product range and production base, Smart Organic is also exploring potential acquisition targets.
The organic food manufacturer said it expects after late April to restart negotiations on the potential acquisition of an unnamed German competitor, which was in its sights in 2021 but negotiations stalled. The two parties have meanwhile struck a partnership, with Smart Organic completing its first delivery of a new health snack product for its German counterpart earlier this month, with plans to put it on the market in May.
Shares in Smart Organic closed 2.44% lower at 16.0 levs on the Bulgarian Stock Exchange on Wednesday, for a market capitalisation of 169.1 million levs.
(1 euro = 1.95583 levs)
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