Quest Group announced that in the first quarter of 2024 it recorded consolidated sales of €303 million, EBITDA of €18.6 million, profit before tax of €11.7 million and profit after tax of €8.6 million.

Compared to the corresponding quarter of 2023, sales increased by 6%, while operating profitability (EBITDA) decreased by -4.2%, earnings before tax (EBT) by -14.4% and net profit (NAT) by -14.9%. The decrease in profit before tax was mainly due to the decrease in gross margins in trading activities and the increase in net financial costs due to the increase in the base rate (Euribor) and borrowing costs.

The group's net debt position (loans less cash) was €30.2 million compared to €17 million at December 31, 2023. The change from December 31, 2023, is mainly due to increased working capital needs. 

OUTLOOK

In detail for the Group's activities for the full year, the following are forecasted:

Commercial Activity: A slight increase in sales is expected compared to 2023. Pre-tax profitability is expected to improve compared to 3M 2024 and is estimated to be at the same level or slightly lower than 2023, due to gross margin pressure, increased financial costs (high Euribor), and secondarily, increased depreciation.

IT services: Revenue and profitability growth is estimated compared to 2023, coming from both Greece and abroad, with a backlog (backlog of signed contracts) exceeding €550 million.

Postal Services: Estimated growth in revenue and pre-tax profitability similar to or higher than the growth rate of e-commerce. 

Renewable energy generation: estimated growth in revenues and profitability due to new investments and assuming normal climatic conditions in terms of sunshine.

In conclusion, for the full year 2024, mild growth is estimated in consolidated revenues, operating profitability (EBITDA), and pre-tax profitability. At the same time, it is noted that the Group's strong commercial and financial position allows it to successfully meet any challenges that may arise. The Group's liquidity remains strong, with total assets and funding lines in excess of €300 million.