New CEO Boosts Vitiva's Growth
Vitiva’s significant growth in sales and profits is a result of a few strategic steps including the establishment of several joint adventures with leading pharmaceuticals companies in Europe and setting up new sales networks.
31/05/06 Slovenian nutraceutrical company Vitiva has reported strong results in its first quarter, fulfilling its new strategy and demanding goals, as the extracts firm performed rapid expansion strategy. The company set off to a strong start in 2006: the first quarter results for 2006 versus first quarter results for 2005 show significant growth of 250% in sales and improved profitability. These outstanding results were achieved through consistent cost reduction and strong sales.
“Vitiva is delivering strong, sustainable earnings growth. We wouldn’t have achieved these outstanding results without our excellent team management and devoted employees,” says Mr. Ohad Cohen, Vitiva’s CEO. “This achievement is a result of the long-term strategy, supported by the policy of our owners, Aktiva Invest and our board of directors. In the future we will maintain the long-term financial targets, but we will focus even more on top line growth and market-expanding activities.”
Vitiva’s significant growth in sales and profits is a result of a few strategic steps including the establishment of several joint adventures with leading pharmaceuticals companies in Europe and setting up new sales network in Europe, North America, Middle East and South America, which helps promoting Vitiva’s product lines in both traditional and new markets. Vitiva developed innovative products to answer the fast growing demand of natural antioxidants based on rosemary extract. “We have developed new products for new applications such as the new line of INOLENS™, a specialty odorless rosemary extracts. Vitiva’s innovation and tailor-made solutions help rosemary extract to become an important part of many applications where rosemary could never be considered as a player before,” explains Ohad Cohen.
To support the growth of net profit, Vitiva implemented optimization of procedures and improved process by using new methods and procedures, as well as increasing sourcing efforts. Vitiva aims to continue the rapid growth by investing back its profits to strengthen its networking, sales team and continue developing innovative products.
“We significantly improved Vitiva’s profits in the first quarter and we expect our high growth sales versus market demands in North America and Europe to continue through 2006,” concluded Mr. Cohen.