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Quest Group financial results exhibit growth for Q1 2023

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:

A screenshot of a spreadsheet

Description automatically generated with medium confidence

 * 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.

2023 Outlook

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 ( and on Quest corporate website ( on Thursday 25th of May 2023.

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