Space Hellas: Historic sales record at euro  66,1 million in 2018

An increase of 10,8% was recorded in the consolidated turnover of Space Hellas for 2018 which amounted to euro 66,1 million, compared to euro 59,7 million in 2017. Space Hellas continuous growth for several years was reflected in a new historical turnover, exceeding the original forecasts, which originated mainly from private sector projects.

Gross profit increased to euro 15,9 million in 2018 compared to euro 14,2 million in 2017, with an increase of euro 5,9 million EBITDA in 2018 compared to euro 4,8 million in 2017. Earnings before tax increased by 26% to euro 2,081 thousand in 2018 compared to euro 1,652 thousand in 2017 and earnings after taxes increased to euro 1,218 thousand in 2018 compared to euro 1,114 thousand in 2017.

It is also noteworthy that the positive operating cash flow of euro 3,8 million, increased by euro 3,1 million through borrowing, was channeled into Group investments amounting to euro 1,4 million, as well as into increasing the liquidity needed to support Space Hellas investment plans.

For the parent company, turnover closed at euro 62,8 million in 2018 compared to euro 56,6 million in 2017, while earnings before interest, tax and depreciation (EBITDA) amounted to euro 4,5 million in 2018 compared to euro 3,6 million in 2017. Finally, the parent's profits before tax for 2018 amounted to euro 1,532 thousand compared to euro 1,257 thousand in 2017 and the corresponding results after tax in 2018 amounted to euro 984 thousand against euro 1,006 thousand in 2017.

For 2019, the company continues to invest in the field of systems and integrated telecommunication, IT and security solutions, while the contribution to corporate turnover from public sector projects and international markets is expected to be greater compared to previous years.

Spyros Manolopoulos, Chairman of the Board of Directors, stated: “Space Hellas has been recognized as a very reliable technology provider by large public and private organizations and leads the way to their digital transformation journey. As a result, 2018 was another year of success and financial growth with the total revenues reaching euro 66,1 million and a steady profit increase over the years.”