AVK, the Ukrainian confectionery group, claims that it increased its share of that country's chocolate market in 2002 with a 32 per cent increase in sales in that segment.
The company said that its 76 different varieties of chocolate products now accounted for 45 per cent of its sales, with revenues of $37.3 million. Total revenues reached $84.7 million, up 10 per cent. In volume terms, output reached 24,000 tons, and AVK is extended its position as the second largest Ukrainian confectioner with a 13.3 per cent share.
Commenting on the year, AVK's general director Iryna Starodubova said: "AVK worked diligently to achieve these results in a difficult and competitive marketplace. Our team succeeded in improving distribution, while focusing on improvement of our product mix with new, branded, higher margin products. These efforts have enabled us to increase our revenues well above the average industry growth of 1.2 per cent."
AVK is a portfolio company of Western NIS Enterprise Fund (WNISEF), the region's leading private equity fund that invests in small- and medium-sized private enterprises in Ukraine and Moldova. WNISEF has provided AVK with over $8 million in capital to invest in activities such as the introduction of western corporate governance principles, implementation of a world-class management information system and marketing support.