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The Board of Directors of SBA Group company Utenos Trikotažas has unanimously re-elected Vytautas Vaškys as Chairman. This decision follows the election of a new Board on April 30, 2025, with no changes to its composition.
Mr. Vaškys has chaired the Board since November 2024, succeeding Dovilė Tamoševičienė, who had held the position for three years. He has been involved with Utenos Trikotažas for several years, having previously served on the Board and temporarily assumed the role of CEO in 2022. Mr. Vaškys currently leads the SBA Group's Business Risk Division and is actively engaged in the governance of other SBA Group companies.
According to Mr. Vaškys, the company's main strategic objective remains unchanged: to ensure the smooth implementation of the restructuring plan and restore sustainable profitability.
The four-year restructuring plan, approved by the court on October 8, 2023, outlines fundamental changes aimed at enhancing operational efficiency, meeting financial obligations, and restoring the company's solvency. The implementation of this plan is already yielding positive initial results.
Strong Sales Growth and Significant Loss Reduction
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In the first quarter of 2025, the Utenos Trikotažas group increased its sales by 66.3% to EUR 5.2 million, compared to EUR 3.1 million in the same period last year. The contract manufacturing segment performed particularly well, with sales rising by 89.6% to EUR 4.1 million.
"Our operating results reflect the effectiveness of our focused strategy - flexible production, cost optimization, and strategic partnerships with subcontractors allow us to remain competitive in international markets and return to a path of sustainable growth,” says Vytautas Vaškys.
During the first quarter of the year, the Utenos Trikotažas group posted a pre-tax loss of EUR 440 thousand - a significant improvement from the EUR 1.48 million loss in Q1 2024. The Group's EBITDA also improved significantly: although it remained negative at EUR 190 thousand, it was EUR 982 thousand lower than a year ago.
Additional information is available from Aurimas Likus, Finance Director, tel. No. +370 618 07809.
