Utenos Trikotažas Welcomes New CFO to Drive Growth and Innovation

Utenos Trikotažas Appoints Tadas Baužys as New CFO

A new Chief Financial Officer has been announced at Utenos Trikotažas, marking a significant transition for the company. Tadas Baužys is set to fill the role effective September 1, succeeding Aurimas Likas, who has held the position since 2023. This strategic leadership move follows the company’s successful completion of a financial transformation phase and the establishment of a strong profitability foundation.

Experience and Strategic Vision

Tadas Baužys brings a wealth of experience to his new role, having previously held significant responsibilities in investment project management and international corporate finance. His background includes the development of complex financial models, feasibility studies, and effective budget management on large scales. In addition to his role as CFO at Utenos Trikotažas, he will also serve as Business Controller at SBA Group.

Comment from Leadership

Nomeda Kau?ikien?, the head of Utenos Trikotažas, expressed confidence in Tadas’s capabilities. “Tadas’s rich experience and focus on growth will enhance our financial progress and ensure sustainable long-term growth. His strategic mindset will support our restructuring initiatives effectively as we advance to the next phase of our journey,” she stated.

Financial Milestones and Growth Insights

In a report showcasing the company’s performance, Utenos Trikotažas achieved a remarkable return to profitability in the second quarter. This milestone was accomplished ahead of schedule, during a period where the group’s sales surged by 30.9%, and contract manufacturing production rose by an impressive 45.2%. The company’s EBITDA turned positive, reaching €418,000, while losses decreased dramatically by 78%.

Commitment to Sustainability

Utenos Trikotažas stands out as one of Central and Eastern Europe's largest sustainable knitwear manufacturers. The company is dedicated to on-demand ready-to-wear production and the innovative development of jersey fabrics for prominent international brands. This commitment to quality and sustainability demonstrates the company’s focus on ethical practices in its operations.

Production Facilities and Ethical Practices

The operational framework of Utenos Trikotažas comprises two textile factories: AB Utenos Trikotažas located in Lithuania and OAO Mrija in Ukraine. The company's commitment to environmental and social responsibility spans its entire production process. This includes sourcing organically farmed natural fibers, managing chemical use responsibly, ensuring fair pay for employees, and maintaining transparency in all production phases.

Contact Information for Further Inquiries

For additional information regarding company developments, please reach out to Aurimas Likus, the CFO, at +370 618 07809. Their dedication and ongoing commitment to transparency ensure that stakeholders are well-informed about the company’s direction and achievements.

Frequently Asked Questions

Who is the new CFO of Utenos Trikotažas?

Tadas Baužys has been appointed as the new Chief Financial Officer of Utenos Trikotažas.

What recent milestone did Utenos Trikotažas achieve?

The company returned to profitability in the second quarter, surpassing expectations.

What is Utenos Trikotažas's focus in textile production?

Utenos Trikotažas specializes in on-demand ready-to-wear production and novel jersey fabric development for leading brands.

How has Utenos Trikotažas performed financially?

The company reported a 30.9% increase in sales and a significant reduction in losses, highlighting its financial turnaround.

What does Utenos Trikotažas commit to regarding sustainability?

The company emphasizes ethical practices, including organic fiber sourcing and fair employee compensation in its operations.

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