Pursuant to Article 11 of the Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law of 2007 (L. 190 (I) of 2007) please find below the Group’s Interim Management Statement for the period from the end of the first half of 2015 to the present day, which has not been approved by the Group’s external auditors. INTERIM MANAGEMENT STATEMENT Throughout the period under review, the Group pursued the same activities as in 2014 and the first half of 2015. The material events and transactions in the period and their impact on the Group’s financial situation are presented below: The Group’s turnover and gross profit have decreased in the period under review by 4.3% and 7.1% respectively compared to the corresponding period of last year, due to the negative market conditions. During the first half of 2015, the Group’s subsidiary, Handy Snacks Ltd, acquired the operations, property and brands & trademarks of the industrial unit and brand of BAKANDYS products and GREENLIFE organic foods as well as other related food import agencies. The Management pursues its efforts to increase sales and profitability. The ongoing negative market conditions, liquidity problems and uncertainty, coupled with the negative psychology of Cypriot citizens, are expected to continue to affect the results of the Group.
- Post published:November 4, 2015