Vision Int’l boosts profits by 24%

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Vision International People Group Public Ltd. (VIP) delivered another set of satisfactory results, boosting net profits by 24% to USD 7.96 mln in 2004 from USD 6.41 mln in 2003 on the back of increased sales.

Group turnover for 2004 increased by 11.8% year-on-year to USD 78.3 mln from USD 70.1 mln in 2003 on the back of the strong performance of the Franchisees of the Group in the CIS region. In addition, there were strong performances from the subsidiary companies Vision Italy, Vision Polska and Vision Balkan during the year ended 31 December, 2004.

Net profit increased by 24% compared to 2003 with a corresponding improvement in the net profit margin of the Group from 9.2% in 2003 to 10.2% in 2004. These improvements were due mainly to the increase in Group turnover and the improvement in Gross Profit margin; the addition of the share of profits (amounting to USD 0,4 mln) from the Group’s associated undertaking of 35% of the share capital of Nutripharma Ltd, which was acquired on 10 September, 2004; and the recognition of USD 0.6 mln of interest receivable from the franchisees of the Group in the Ukraine, which was included as a contingent asset in the Consolidated Financial Statements of 2003.

The Directors, after discussing and approving the Indicative Unaudited Consolidated Financial results of the Group for the year ended 31 December, 2004, and the conditions currently extant, believe that the final financial results of the Group for the year 2005 will be at least as favourable as those for the year 2004.

Earnings per share imprved to 10.61 US cents from 8.56 US cents a year earlier.