Pursuant to Article 11 of the Transparency Requirements Law 2007, we submit the Interim Management Statement for the period from the end of the first half of 2014 to date, which has not been audited by the external auditors of the Group. Interim Management Statement During period, the Group continued with the same activities as last year and the first half of 2014. The main events and developments that took place during the period and the impacts on the Group’s financial statements are stated below: The turnover and the gross profit of the Group during the period compared to the corresponding period of 2013 recorded an increase of 11% and 16.6% respectively. This increase is attributable to the investment of its subsidiary Handy Snacks Ltd concerning the acquisition of the industrial unit and the brand of Mon Ami products from Eureka Ltd as well as the distribution of the Bakandys products, following a distribution agreement with Thamira Food Manufacturers Ltd. Frou-Frou Group seems that it will show improvement despite the deterioration of the Cyprus market. Its strategic moves in 2013 have positive impact on its financial results, which are comparatively improved. The Management will continue efforts to increase its sales profitability so that the results for 2014 are better than those of 2013. The ongoing negative market conditions, the liquidity problems and the uncertainty as well as the negative psychology of the Cypriot citizens will continue to affect negatively the development of the Group’s results.
- Post published:November 4, 2014