The upward trend of Lampsa continued during the first half of 2024 due to the significant recovery of the tourism product. The group has already improved its overall revenues to levels significantly higher than the last corresponding period before the pandemic crisis.

Significant changes have also occurred in the factors affecting the sales mix, as there is now a strong increase in leisure tourism revenues with an increased average room rate, while conference tourism and business travel have begun to gradually recover. Turnover amounted to €56.12 million, up 14%, with the parent company (Great Britain, King George and Athens Capital hotels) reporting turnover of €33.66 million, up 9.34%. EBITDA was €17.6 million, up 43.5%, while net profit was €9 million, up 132% year-on-year

THE HOTELS

 Room occupancy in the Athens luxury hotel market increased by 1% to 69.6%. The average room rate in hotels increased by 11%, reaching €244.63, with the revenue per available room increasing by 12.2% (€170.38). The hotel "Megali Vretania" showed a sales increase of 1.82%, the "King George" 43.40%, and the "Athens Capital" 23.36%. As for the group's hotels in Serbia, "Hyatt Regency Belgrade" recorded a growth of 19.14%, "Mercure Excelsior" 10.37%. The outlook for the second half of the year is equally positive and it is expected that the full year 2024 will close with a significant increase in revenues.

LIQUIDITY AND CAPITAL FLOWS

 The group as of 30/06/2024 had very strong liquidity due to the increase in revenues. In addition, the company continues to make bond investments of €10.71 million, expecting to benefit from the high interest rates offered, significantly improving its financial results. It is also noted that at the end of the first half of the year the company had negative working capital, as current liabilities exceeded current assets by €14.44 million. According to the management, this is mainly due to the capital increase of the subsidiary "Selene Enterprises Company Limited" for an amount of €35.50 million, in which the parent company participated with an amount of €26.63 million, disbursing it exclusively from its cash reserves. Lambsa's management estimates that the negative working capital will be restored during the second half of the year.