Utenos trikotažas Group demonstranted growth in 2022: EUR 34.5 million in revenue
February 28 2023 - 10:15AM
Utenos trikotažas Group demonstranted growth in 2022: EUR 34.5
million in revenue
AB “Utenos
trikotažas”28 February
2023
The SBA owned textile group
Utenos trikotažas (the Group)
generated revenues of EUR 34.5
million in 2022, which is 13.4% more than in 2021, when the Group’s
sales reached EUR 30.4 million. Separately, Utenos
Trikotažas revenue grew by 12.5%
year-on-year to EUR 31.6 million. The growth was driven by the
active implementation of the strategic transformation and the
ambitious decisions taken last year to improve operational
efficiency.
Revenue growth was driven by
outsource manufacturing
“The 2022 results are positive – despite the
challenges in the market due to the sharp increase in raw material
and energy prices, we have improved our performance compared to
2021. We made many important strategic decisions – sales revenues
were boosted by greater focus on high value-added products, and we
managed to reduce our losses by optimizing production processes”, –
says Nomeda Kaučikienė, Managing Director of Utenos trikotažas.
Compared to the same period last year, sales of
the Group’s largest segment, knitwear export, increased by 18.7% to
EUR 28.2 million. Sales of own brands amounted to EUR 3.6 million
and were 19.1% lower than last year.
High value-added manufacturing has the
greatest potential
At the end of last year, Utenos trikotažas began
a strategic transformation of the company, focusing its energy and
resources on the production of more sophisticated and higher value
products, especially from functional wool and its blends.
“Last year’s unprecedented challenges were met
with clear strategic direction and rigorous discipline, and we will
continue to do so as we strive to further improve operational
efficiency”, – says Nomeda Kaučikienė, CEO of Utenos
trikotažas.
In 2022, due to the commencement and
continuation of hostilities in Ukraine and the resulting
uncertainty in determining the value of the Group’s assets and
investments in that country, the Group and the Company made
provisions for assets and investments in Ukraine. Nevertheless, the
Group company in Ukraine Mrija is operating without considerable
disruption both in 2022 and currently.
The Group’s pre-tax result and EBITDA figures
for 2022 show a significant improvement. In 2022, the Group’s loss
before tax amounted to EUR 1.9 million. Excluding the loss on
provisions, the Group had a pre-tax loss of EUR 1.2 million
compared to a loss of EUR 2.9 million in 2021. Utenos trikotažas
incurred a loss before tax of EUR 2.7 million in the same period.
Excluding provisions, the Company’s losses amounted to EUR 0.8
million (EUR 2.8 million in 2021).
The EBITDA of the Utenos trikotažas Group as a
whole and of the Company individually was negative at EUR -0.51
million and EUR -0.67 million, respectively, while adjusted EBITDA
(excluding impact of provisions for assets in Ukraine), of the
Group and the Company was positive at EUR 0.22 million and EUR 0.07
million respectively. Group’s adjusted EBITDA improved by EUR 2.1
million compared to 2021. Utenos Trikotažas adjusted EBITDA was EUR
1.4 million better than in the same period last year at EUR -1.3
million.
In addition to Utenos trikotažas, the Group of
companies currently includes Aboutwear, Gotija, Šatrija and Mrija
(Ukraine). Sales of functional-technical clothing produced by
Šatrija increased by 21.6 %. In 2022, the Group exported 80.9 % of
its production.
Utenos trikotažas is the largest and one of the
most sustainable knitwear manufacturing companies in Central and
Eastern Europe. The main activities of Utenos trikotažas are custom
made garment production and development of innovative
materials.
Živilė JonaitytėCFOAB “Utenos trikotažas”J.
Basanavičius Str. 122, LT-28214, Utena+370 686
51938www.ut.ltzivile.jonaityte@ut.lt
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