New sales orders for organic bilberry extract with a contract value of approx. SEK 3 million
Eevia Health Plc, (”Eevia” or ”The Company”), announces that it has received sales orders from Ingredient Plus of Australia for supply of bilberry extract with minimum 36% anthocyanins. The sales value of these orders is c. SEK 3 million, which to be prepaid and delivered in Q3-21.
Eevia considers these orders to be repeat business with an expected value of c. SEK 7–9 million per year, based on forecast from the customer, with possible growth. The bilberry extract, which is sold under the Eevia tradename Feno-Myrtillus® Organic, is protected as a Proprietary Ingredient (PI) with the Therapeutic Goods Administration of Australia.
The end customer is an internationally recognized brand leader in the South-East Asian marketplace. The group has sales of c. USD 460 million and dietary supplements, including single herbs, vitamins, minerals, and specialty formulas sold under the Company’s well recognized brands, in over 12 markets.
CEO Stein Ulve comments: “These sale orders consolidate our position as the preferred provider of high concentration and high-quality anthocyanin extracts from the wild harvested arctic bilberry, which are mainly harvested in Sweden and Finland. These are important orders for us because they are stable contributions to our order- and customer-base and hence, our ability to reach our financial targets of minimum annual turnover in 2024 of EUR 25 million with a gross margin at minimum 40%.”
Click here to download the full press release.