During Q1 2023 Quest Group recorded Sales €286m, EBITDA €19,5m and EBT €13,7m.
Compared to last year’s Q1, Quest Group Sales grew by 20,1%, EBITDA by 15,3% while EBT and EAT decreased by -2,2% and -1,3% respectively. It is worth noting that Q1 2022 benefited by €1,3m from the sale of minority stakes. Excluding these capital earnings, EΒT is improved by more than 8% compared to last year.
The main consolidated financial results & figures are illustrated as follows:
* Do not include “other gain/losses” related to investment activity.
Group’s Net Cash (Cash and Cash Equivalents - Debt) was €15,8m, compared to €28,7m at 31/12/2022. The change is mainly due to Working Capital needs and the new investments. The Group’s investments during Q1 were roughly €3,4m. Most of it is related to postal services segment.
Q1 2023 Results per segment:
- Commercial Activities (Info Quest Technologies, Quest on Line, iSquare, iStorm, Clima Quest,GED, FoQus).
Sales grew by a double digit (+22,5%), followed by an EBT growth of 3,8% on a YoY basis. The steepest growth comes from Apple products sales.
- IT Services (Uni Systems, Intelli Solutions, Team Candi).
Sales augmented at a double-digit pace (+20,5%), and EBT by 9,6%. Demand for IT services continues to be strong, due to the high number of digital transformation projects of the private and public sector. Roughly 50% of sales are related to international activities.
- Postal Services (ACS Courier).
Sales increased by 8,8%, followed by similar EBT expantion (+8,9%). The results are mainly driven by the expantion of e-commerce.
- Renewable Energy Production (Quest Energy).
Sales were higher by 2,2% and EBT by 23,9%.
Quest Holdings (parent company).
Parent company revenues during Q1 reached €428k. compared to €419k. last year. EBT were negative by - €212k. compared to - €245k. during the same period of 2022.
In more detail, the following outlook is estimated per segment:
Commercial Activities: For 2023 we estimate growth in sales and a similar (or slightly higher) profitability compared to 2022. Growth is estimated to be driven mainly by the clima sector and international expansion, while a drop in gross margin of Apple products (iSquare) is expected.
IT Services: A growth in sales and profitability is estimated, driven by a high demand for IT services in Greece and abroad.
Postal Services: We estimate growth in sales and profitability compared to 2022, driven by e-commerce expansion.
Renewable Energy Production: We estimate growth, as a result of, the executed during 2022 and the 2023 planned additional new solar parks investments.
On aggregate, we estimate a mild growth in sales and profitability for 2023 at a similar pace achieved during 2022. In must also be noted that that the Group has a solid commercial and financial position to successfully address any further challenges that might arise, having more than €200m in cash and available credit lines.
Quest Group’s management will host a conference call to present and discuss the Q1 2023 Financial Results, on Thursday 25th of May 2022, at 15:30 Athens time.
- GR participants dial in: + 30 213 009 6000 or + 30 210 946 0800
- UK participants dial in: + 44 203 059 5872
- US Participants dial in: +1 516 447 5632
The conference call will be available via webcast in real time over the Internet and you may joinby linking at the internet site: Webcast Link
Group’s Q1 2023 Financial Results per Operating Sector:
Parent company is included in Unallocated functions.
Q1 2023 Financial Statements of Quest Holdings will be posted on Athens Stock Exchange website (www.helex.gr) and on Quest corporate website (www.Quest.gr) on Thursday 25th of May 2023.