LSE: "Magic Flame" has been awarded as the most dynamic Bulgarian company in Europe

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LSE: "Magic Flame" has been awarded as the most dynamic Bulgarian company in Europe

The Company enters into the listing of the London Stock Exchange by increasing in triple size its revenues for three years

The producer of peeled sunflower “Magic Flame” is awarded as the fastest-growing and most dynamic small and medium-sized enterprise (SME) in the rating “1000 Companies to Inspire” – the London Stock Exchange Group’s celebration of some of the fastest-growing and most dynamic small and medium-sized enterprises (SMEs) in the UK, which is having its third edition in 2018.

Tripling its income for a period of three years, according to the data, as published in the Commercial Registry, Magic Flame is at first place among the five Bulgarian companies in the listing.

According to the data of the London Stock Exchange, the most dynamic small and medium-sized enterprises (SMEs) totally in Europe has increased their revenues with 24 % in the period between 2014 and 2016. The most represented companies are in the production sector (20%), followed by the food and beverage sector (13%) and the technologies (10%).

The fifth of the Bulgarian producers are with average annual revenues of € 46 million, more than 5800 employees and compound annual growth rate of 61 % for a three year period.

Results

In the report of the listing is not specified the applicable financial data, but according to the Commercial Registry, the net revenues from sales of Magic Flame increase from BGN 44,6 million in 2014 to BGN 133.1 million in 2016 or approximately three times. During the previous year, the turnover falls with one half to BGN60.8 millions. “This is due to our investment program, according to which we redirected our own financial resource in investments for the future development of the company. “, Eduard Bagdasaryan commented for Capital. In his opinion in the medium-term, the company predicts average forecasted annual growth of 30% in each sphere of the business – processing, trade, agriculture, transport and financing.

Growing Business

One of the major activities of Magic Flame is the trade and export with cereals, the company has its own processing and manufacturing establishment in Dobrich. The enterprise includes a manufactory for peeled sunflower seeds, a production plant for briquettes and a storage zone. According to the data of the Property Registry, the company has additionally bought land and the recent size of the equity actives where the complex is situated is 24 acres.

At the moment the company builds up a plant in “Pobity kamany” area next to the city of Varna, where the company already finished the first of four in common crops storage facilities. After finishing the rest of the plants, the total capacity for storage shall reach the amount of 140 000 tones, the company representative has said.

According to Magic flame, until now in the business are invested € 14 million own capital and € 42 million banking financing. At the moment the company creates jobs for 140 people, but it hires new employees on a regular basis, due to the increase of the workload of the company.

A comparatively new activity of the company is the business with essential oils. “In 2017 we have started cultivating 1000 acres of land, planting lavender. The next 3 years we have as a goal to cultivate 3000 acres with lavender, our plans are to develop in the field of bio-essential oils “, Mr Bagdasaryan has specified.

Markets

“The company exports peeled sunflower seeds in practice all over the world and in total there is no direction to which our product had not been transported “, said Mr Bagdasaryan. Although, according to his words, the company works with a priority on the markets of Western and Central Europe and countries such as Polland, Spain, Portugal, and UK, where the stock is transported with the company transport. By sea the company export is directed mainly to Asia, Afrika and USA.

Using the sunflower flakes, the enterprise produces briquettes for heating households, and according to the company, they are saving the need of cleaning, because they are 97% burnt. The company supplies a few thermal power plants with sunflower flakes, that substitute coal.