Slovenia-based Vitiva today reported its first quarter of strong results, fulfilling its new strategy and demanding goals, as the extracts firm executed on its rapid expansion strategy. The company got off to a strong start in 2006: the first quarter results for 2006 versus first quarter results for 2005 show 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, helping to promote Vitiva’s product lines in both traditional and new markets. Vitiva developed innovative products to answer the fast growing demand for natural antioxidants based on rosemary extract. “We have developed new products for new applications such as the new line of INOLENS™, specialty odorless rosemary extracts. Vitiva’s innovation and tailor-made solutions have helped rosemary extract become an important part of many applications where rosemary could never be considered before,” explains Ohad Cohen.
To support the growth of net profit, Vitiva implemented optimization of procedures and improved processes by using new methods and procedures, as well as increasing sourcing efforts. Vitiva aims to continue its rapid growth by reinvesting its profits to strengthen its networking, sales team and to continue developing innovative products.
Vitiva is a dynamic nutraceuticals company, offering a full range of deodorized rosemary extracts at higher and lower concentrations, which are soluble in oil and water, and come in powder and liquid forms.