KORRES Group announced earnings results for the first half of 2014. For the period, the company reported group consolidated sales increased by 20% at EUR 26.2 million from EUR 21.8 million a year ago incorporating the positive trend of all key markets. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), excluding the extraordinary restructuring cost impact, reached EUR 5.5 million from EUR 4.5 million a year ago, increased by 21%, as a result of the total Group's sales performance, the consolidation of its newly founded subsidiary KORRES USA Ltd. in US, as well as the benefits of the strategic agreement with AVON.

Earnings before interest, taxes, depreciation and amortization (EBITDA) after deducting the restructuring cost, grew by 32.5% reaching EUR 3.9 million from EUR 3.0 million a year ago. Operating cash flow doubled at EUR 3.6 million from EUR 1.9 million a year ago, as a result of the improved operating profitability, working capital rationalization and the strategic agreement with AVON. Net after tax and minority results (profits) reached EUR 0.5 million compared to loss of EUR 0.9 million in the corresponding period of 2013.