Good for Business, Latvia, Technology

The reported results are well in line with the expectations, the management said.

In the first quarter of 2018, the group's Baltic sales increased 8.6% year-on-year to EUR 2.438 million or 41.3% of total turnover. Nordic sales rose 42.9% to EUR 1.861 million or 31.6% of total turnover. Sales in other EU member states soared 88.6% to EUR 1.56 million or 26.4% of total turnover but sales outside the EU shrank 3.1 times to EUR 39,000 or 0.7% of total turnover.

During the first three months of this year, data network product sales remained the dominating sales driver and increased 41.2% to EUR 3.134 million. Industrial products followed with EUR 2.108 million, up 30.6%, and. Internet-of-things sales grew 9.9% to EUR 299,000.

In January 2018, HansaMatrix together with HansaMatrix Innovation and Lightspace Technologies Ltd., started the research project "Robotic vision 3D image structured light projector with application in industrial (food) automation" funded by the European Regional Development Fund (ERDF) which will provide EUR 184,700 of the total project cost estimated at EUR 352,100.

During the first quarter of 2018, HansaMatrix invested altogether EUR 183,229 in production capacity increase, research instruments, test systems and development of new products.

In 2017, HansaMatrix group reported audited turnover of EUR 19.649 million at a 15.8% growth from 2016, and tripled its profit to EUR 1.679 million. In the first quarter of 2017, the group's turnover was EUR 4.495 million and it earned a profit of EUR 411,997.

HansaMatrix is a fast-growing, high-technology company offering product design, industrialization and complete manufacturing services in data networking, Internet of Things, industrial segments and other services to high added value business segments.

HansaMatrix shares are quoted on the Main List of the Nasdaq Riga stock exchange.