Ukrainian egg processor Avangardco reduced its annual losses in 2016 despite a 17% fall in sales.

The UK-listed company said its net losses were US$56.6m last year compared to $158.4m in 2015, owing to a “gradual recovery in the Ukrainian economy and a revival of domestic consumer demand”.

Avangardco made an operating loss of $14.9m, which was down on the $87.2m it ran up in 2015.

The business provided a figure for EBITDA of $1.5m, a result that compared to an EBITDA loss of $1.4m.

The production of dry egg products for the period amounted to 12,219 tonnes, an increase of 35% year-on-year and sales of dry egg products amounted to 9,028 tonnes, down by 21% year-on-year.

CEO Nataliya Vasylyuk said the reduction of losses showed an “improvement” in the firm’s financial performance. “We believe this is a good achievement given the difficult economic conditions in which the company operates, combined with the loss of a significant part of its assets and sales markets.”

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Vasylyuk said the revival of demand in Ukraine is expected to continue into 2017 “which should support further financial stabilisation at the company”. She added: “In 2017, Avangardco will focus on restoring its operational profitability, whilst prudently managing liquidity and servicing its debt obligations.”