Avangard raises revenues by 37% y-o-y to USD 440 mln in 2010

Avangard (LSE: AVGR LI), Ukraine’s largest shell eggs and egg product manufacturer, increased its revenues by 37% y-o-y to USD 439.7 mln in 2010, while EBITDA grew by 27% y-o-y to USD 193.5 mln (margin of 44%, down 4 pp y-o-y due to a one-off waiver of USD 22.5 mln debt owed to related parties in 2009). Net profit increased by 38% y-o-y to USD 184.8 mln (margin remained unchanged at 42%). Net debt amounted to USD 77.7 mln. The company attributed revenue growth to increased total shell egg output by 22% y-o-y to 4.42 bln eggs and a fourfold raise in egg products sales.