Space Hellas' consolidated turnover increased by 34.53% in the first half of 2024 and amounted to €78.9 million, compared to €58.7 million in 2023.

KEY FIGURES

Gross profit amounted to € 15.7 million in H1 2024 compared to € 16.1 million in H1 2023, while EBITDA closed at € 9.3 million compared to € 9.4 million in the same period of 2023.

Consolidated profit before tax amounted to €2.1 million in H1 2024 compared to €3.2 million in H1 2023, and profit after tax amounted to €1.4 million in H1 2024 compared to €2.2 million in the corresponding period in 2023, showing a decrease of 32.7% and 35.6%, respectively, as a consequence of the 40% higher depreciation and amortisation in H1 2024 compared to the corresponding period in 2023.

For the parent company, turnover closed at € 66.5 million in H1 2024, compared to € 47.9 million in 2023, representing an increase of 38.71%, while EBITDA amounted to € 6.5 million compared to € 6.6 million in the same period of 2023.

The parent company's profit before tax for the first half of 2024 amounted to €2.5 million compared to €2.3 million in 2023, and the corresponding profit after tax amounted to €2.1 million compared to €1.8 million, showing an increase of 9.5% and 17.3%, respectively.

Cash flow from operating activities is negative by € 11.3 million, as there is a repayment of significant project costs at the beginning of each year. The sign of the operating cash flow is traditionally reversed in the annual financial statements. Cash flow from investing activities amounted to €-6.0 million.

Finally, cash flow from financing activities amounted to € 10.9 million, confirming the Group's accessibility to financial capital, with the successful completion of complex projects and the completion of its investment plan as the main pillars.

CEO STATEMENT

Space Hellas Group's Executive Chairman, Mr. Spyros Manolopoulos, said: "The prospects of strong growth of the Greek economy for 2024 at higher rates than the European average and the continuous mobility in the business community have created an optimistic investment climate in many sectors, despite the negative impact and rapid deterioration of the situation on the two fronts of the war, Ukraine and the Middle East. The technology sector is an important tool for accelerating investment plans, which is reflected in the increase in turnover in almost all ICT companies. At the same time, there are also negative elements affecting the profitability of companies, such as high borrowing costs, strong inflationary pressures on services and products, significant increases in labour costs, particularly for IT and telecommunications staff, and significant shortages of skilled human resources. 2024 is shaping up positively for the Space Hellas Group, which has been investing in skilled human resources over time and enables it to claim new projects with significant claims, increasing the amount of backlog for the coming years."

"Space Hellas' strong presence in the equipment, infrastructure, security, data center, cloud services, and telecom services space, combined with the synergies that arise with its subsidiaries, SingularLogic in the software and applications space, SenseOne in the IOT space, Web-IQ in the open source intelligence space, and AgroApps in smart agriculture, create significant value and end-to-end solutions in the ICT market. Also, the long-term cooperation, specialized knowledge, and certifications in the provision of services with global equipment and software manufacturers such as CISCO, DELL Technologies, HP, Huawei, Checkpoint, Fortinet, Microsoft, Amazon Web Services, Google, SAP, Oracle, ServiceNow, Genetec, Bosch, Hikvision, etc. give Space Hellas Group a significant lead in the market where it plays a leading role in the implementation of major digital transformation projects and extends its growth at an international level."