Hestio AS publishes audited 2023 consolidated financial report
After several years of consistent turnover growth in 2023 it decreased by 1.2% year-on-year and reached EUR 12.9 million (audited). The primary focus of the Company's management and financial resources has been the reorganization of both management and internal processes and changes in the sales strategy in order to ensure an increase in profitability, as well as laying the groundwork for the achievement of medium and long-term goals. After making the changes, the Company achieved excellent sales and profitability figures during the last calendar quarter of 2023.
At the beginning of last year all the processes for roasting our own brand of coffee in the subsidiary Auron Coffee Roastery were launched. This included making recipes, bulk procurement of green coffee beans, roasting, quality control and packaging. By setting up an efficient production process, Auron Coffee Roastery is a significant source of profit within the Hestio Group. As a result, Hestio's consolidated EBITDA increased by 11% compared to 2022.
Based on the implementation of the 2023 reorganization and strategic changes, in 2024 the Company will strive to improve profitability by streamlining business lines, further developing its pricing policy together with improved customer retention methods. The Company's management team will purposefully continue to strengthen its positions in the existing directions, as well as use opportunities to expand its market positions to pursue the achievement of strategic goals.
About Hestio:
Hestio is a full-service workspace solution provider, operating in the Latvian market since its establishment in 2007. Distinguished as the market leader in the office supplies and services sector, the Company has earned the trust of over 8000 customers.
Contact information:
Reinis Tutāns
Member of the Board and Chief Financial Officer
E-mail: reinis.tutans@hestio.lv
Telephone: +371 2654 1742
Certified adviser:
ZAB Eversheds Sutherland Bitāns SIA
Justīne Ignatavičute
E-mail: justine.ignatavicute@eversheds-sutherland.lv
Telephone: +371 2866 5066
|