Westnet: Sales boost and significant profitability increase in 2019

Growth of consolidated turnover: €110.7 million (+ 9% y.o.y.)

Significant EBITDA boost: €3.2 million (+ 34% y.o.y.)

Spectacular earnings before tax increase: €1.3 million (+ 60% y.o.y.)

Westnet, a member of the Olympia Group of companies, presented positive economic performance and strong growth in turnover in 2019. Successfully continuing the implementation of its strategic plan, the company has played a lead role also in 2019 in the distribution of technology products and services in Greece and Cyprus.

Specifically, Westnet, recorded for the 2019 fiscal year a significantly strengthened consolidated turnover of €110.7 million, marking an increase of 9% compared to 2018. Further, it also recorded a solid increase of 34% in operating profitability (EBITDA), which reached the level of € 3.2 million compared to €2.4 million in 2018. There was also a significant increase in earnings before tax of Westnet for 2019, which amounted to €1.3 million, increased by 60% on an annual basis, from €834 thousand in 2018.

The positive financial results of Westnet for 2019 fully justify the strategic plan of the company which has established it as one of the largest distributors in the Greek market. The addition of new categories, as well as the further development of existing partnerships, have played a key role in the increase of sales. At the same time, it is worth noting the significant increase in sales abroad, which in 2019 represented 23% of total annual sales, compared to 12% last year. Finally, the company continued in 2019 to invest in its high expertise human resources by attracting new talented executives.

The company expresses cautious optimism for 2020, with a positive course attributed to the further maturity of strategic partnerships with key suppliers, as well as the development of new Voice over IP solutions, Security Solutions, Smartwatches categories, in which it was placed at the end of 2019. Specific and targeted growth is also expected for Toshiba battery products, with an emphasis on opening up in new markets abroad.

Commenting on the financial results of the year, Westnet’s General Manager, George Daviotis noted: “2019 has been a very successful year for the Westnet team. Our strategy is paying off and is leading us to a growth track. At the same time, we are called upon to meet the challenges of the 2020 changing economic environment, created by the Covid-19 epidemic, by safeguarding our successful model. On our part, we are monitoring the developments, evaluating the situation and taking the necessary steps to continue servicing our expanded clientele in Greece and Cyprus in the best possible way”.