Space Hellas: Historic sales record at € 66.1 million in 2018
An increase of 10.8% was recorded in the consolidated turnover of Space Hellas for 2018 which amounted to € 66.1 million, compared to € 59.7 million in 2017. Space Hellas continuous growth for several years was reflected in a new historical turnover, exceeding the original forecasts, which originated mainly from private sector projects.
Gross profit increased to € 15.9 million in 2018 compared to € 14.2 million in 2017, with an increase of € 5.9 million EBITDA in 2018 compared to € 4.8 million in 2017. Earnings before tax increased by 26% to € 2,081 thousand in 2018 compared to € 1,652 thousand in 2017 and earnings after taxes increased to € 1,218 thousand in 2018 compared to € 1,114 thousand in 2017.
It is also noteworthy that the positive operating cash flow of € 3.8 million, increased by € 3.1 million through borrowing, was channeled into Group investments amounting to € 1.4 million, as well as into increasing the liquidity needed to support Space Hellas investment plans.
For the parent company, turnover closed at € 62.8 million in 2018 compared to € 56.6 million in 2017, while earnings before interest, tax and depreciation (EBITDA) amounted to € 4.5 million in 2018 compared to € 3.6 million in 2017. Finally, the parent's profits before tax for 2018 amounted to € 1.532 thousand compared to € 1.257 thousand in 2017 and the corresponding results after tax in 2018 amounted to € 984 thousand against € 1,006 thousand in 2017.
For 2019, the company continues to invest in the field of systems and integrated telecommunication, IT and security solutions, while the contribution to corporate turnover from public sector projects and international markets is expected to be greater compared to previous years.
Spyros Manolopoulos, Chairman of the Board of Directors, stated: "Space Hellas has been recognized as a very reliable technology provider by large public and private organizations and leads the way to their digital transformation journey. As a result, 2018 was another year of success and financial growth with the total revenues reaching € 66.1 million and a steady profit increase over the years."