Substantial strengthening in sales and profit during financial year 2018

• Strong growth in turnover for 2018: €101.2 million (+11% y.o.y.)
• Significant improvement in EBITDA 2018: €2.36 million (+18% y.o.y.)
• Increase in profit before tax by 188% y.o.y to 784,000, up from 272,000 in 2017
• An effective business strategy and strong prospects for 2019

The financial figures announced by Westnet, a member of Olympia Group, paint a successful year for 2018, completely affirming the strategic plan that the company is adhering to. More specifically, Westnet, which is active in the field of distribution of computer and high technology products, announced a turnover of €101.2 million for financial year 2018, which exhibited a significant rise of 11%compared to 2017 (€91 million). In addition, operating profitability (EBITDA) marked a significant rise of 18%, which reached €2.36 million, compared to €1.99 million in 2017. Finally, Westnet’s profit before tax for 2018 exhibited a spectacular rise, as this appeared to be up by 188% y.o.y, amounting to €784,000, up from €272,000 in 2017.

Westnet’s positive financial results for 2018, despite the difficult economic environment, confirm the company’s strategy in practice, which led to strengthening of Westnet’s exclusive partnerships with regard to new product categories, the development of a new client base and increased maturity in categories such as Notebooks, Smartphones, Gaming, and televisions.

As milestones for the past year, the significant growth in sales of Westnet’s subsidiary in the Cypriot market is notable, as well as the addition of new categories in the company’s diversified product portfolio and the inclusion of Toshiba consumer batteries. The additional investment in the company’s workforce was significant, both in terms of training as well as  attracting experienced executives for the new product categories in which Westnet entered to.

Commenting on the year’s financial results, Westnet’s General Manager, George Daviotis, noted: “2018 was a year of strong performance for Westnet. Despite the continued obstacles in the country’s macroeconomic environment, we managed to mark significant growth and to overcome, for the first time, the €100 million mark in sales. Committed to our strategy, we look forward to another strong year in 2019, with additional growth of our share in Greece and Cyprus, further development of strategic partnerships, as well as attracting new.”