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Westnet: Positive economic performance and stable growth during fiscal year 2020

May 24, 2021

With stable growth, Westnet, a member of the Olympia Group of Companies and a leading distributor of IT and high-tech products, has presented an increase in its turnover for 2020 and positive economic performance, successfully continuing the implementation of its strategic plan.

Specifically, for the fiscal year 2020, Westnet recorded a consolidated turnover of €126.8 million, marking an increase of 14.5% compared to 2019, while the operating profitability (EBITDA) reached the level of € 4.2 million compared to €3.2 million in 2019 (+29%) and earnings before tax amounted to €2.4 million, increased by 80% on an annual basis, from €1.3 million in 2019.
In an unstable economic environment due to the Covid-19 pandemic, the company managed to effectively address the challenges, demonstrating alertness and readiness at all levels, which resulted in its growth during a particularly demanding year.

Westnet’s strategic choice to invest in the addition of new product categories is a key factor in sales’ boost. The company manages and distributes a wide product portfolio, ensuring the continuous provision of quality services and innovative solutions, in order to meet the needs of its expanded customer base in Greece and Cyprus. In parallel, the further development of exports by opening up to new markets abroad reflects the strong extroversion of the company, which significantly contributes to last year’s positive results. Finally, the company continued in 2020 to invest in its human resources by attracting talented executives with high expertise and experience.

Westnet’s General Manager, George Daviotis, stated: “Westnet is closing another strong year, further enhancing the trust and dedication of its partners. In front of an unprecedented and difficult condition due to Covid-19 pandemic, we managed to adapt effectively to the new circumstances, ensuring the successful implementation of our strategic plan. In 2021 we will continue to drive the developments in our industry, providing an excellent level of services to our customers.”