AX Group’s 2024 Annual Report celebrates a year of success stories

AX Group is marking a year of success stories with the publication of its latest Annual Report and Financial Statements for the business year ending in 2024. The year marked a turning point as major strategic investments made in recent years began to deliver measurable returns, driving steady growth across all the Group’s diverse business units, comprising hospitality, construction, development, healthcare and real estate. Through enhanced offerings and strong market demand, these positive results reaffirm the Group’s commitment to staying ahead in the sectors it operates in, while upholding its legacy of quality and integrity.

Angelo Xuereb, Founder and Chairman of AX Group, remarks: “The past few years have brought significant transformation at AX Group. Despite numerous challenges, we have maintained a balanced approach, being prudent when needed, yet bold in pushing ahead with our vision. These investments are now yielding results that are exceeding our expectations. I am particularly proud that my daughters Claire and Denise are at the helm, steering new projects, attracting business and introducing innovative ideas across all our units. By remaining open to change, AX Group will be resilient and well-positioned to meet future challenges and opportunities.”

AX Group’s commitment to excellence in development, hospitality, F&B, and entrepreneurship has been widely acknowledged, underscored by multiple awards and industry recognition. The year also delivered outstanding guest reviews and high customer satisfaction scores, showcasing the dedication of our employees across our hotels. Alongside these achievements, we reached significant milestones in our project portfolio, including the completion of Palazzo Lucia and significant progress on Verdala Terraces and the Verdala Wellness Hotel. These major undertakings, alongside our strategic investments, continue to enhance the strength and value of the Group’s overall portfolio, setting the stage for sustained long-term growth.

The performance of the 4-star AX ODYCY Hotel and Lido in Qawra was a major contributor to the past year’s solid financial performance, achieving strong occupancy throughout the year, also during traditionally slower shoulder months. The introduction of several new F&B brands, including the Mediterranean fusion restaurant Minoa, the family-friendly restaurant Trattoria Riccardo, Medusa Sky Bar, and the Latino-themed bar Mamacita, further positioned it as a prime hospitality destination on the island. In addition to its strong financial performance, AX ODYCY earned multiple accolades, including four prestigious awards from the European Property Awards, which stand as a testament to the meticulous planning and forward-thinking approach behind its redevelopment.

Additionally, AX Hotels properties in Sliema and Valletta — which include the 5-star AX The Palace and 5-star Rosselli AX Privilege among others—also showed a robust financial performance and operational efficiencies. These positive results are supported by ongoing investments in upskilling of personnel, property upgrades, technology and service enhancements across the hotel and restaurant portfolio to ensure AX Hotels retains its leadership status in Maltese hospitality.

Meanwhile, AX Care also delivered a positive performance, with its core brands—Hilltop Retirement Village operating at full capacity and Simblija Care Home reporting a strong performance throughout the year. Demand for both long-term and short-term care services continued to grow, even reaching record-high occupancy levels during the year. Furthermore, community engagement initiatives, such as events and outreach programmes hosted at Hilltop and the Revive Physio and Aquatic Therapy Centre, have attracted new business.

AX Construction shifted its strategic focus to large-scale and prestigious third-party projects. Notable projects included civil engineering works at Malta International Airport and sensitive restoration projects at heritage landmarks such as St. John’s Co-Cathedral, the Jesuits’ Church in Valletta and Villa Lunginsland, a Grade I historic property in Rabat, among others.

Beyond its business achievements, AX Group has continued to advance its environmental, social and governance (ESG) efforts. Among various milestones, one important highlight this year was the certification of AX The Palace and AX The Victoria Hotel, by the Global Sustainable Tourism Council (GSTC), making them the first hotels in Malta to receive this internationally recognised eco-label. On the social front, AX Foundation played an important role by supporting impactful projects, such as developing supportive learning spaces at San Andrea school, hosting accessibility-focused conferences and organising community fundraising events. These efforts highlight AX Group’s dedication to fostering positive change within the communities it serves.

Alongside these achievements, we have also integrated technological advancements, implementing new systems to support our business transformation strategy. This initiative aims to further streamline operations and enhance efficiency across all divisions, ensuring that we remain agile and forward-thinking in an ever-evolving marketplace.

At the heart of our continued success is our investment in people. This year, we have placed a strong emphasis on talent development, training, and leadership growth. By nurturing our team, we ensure that AX Group remains well-positioned for the challenges and opportunities ahead, empowering our people to drive future success.

Chief Executive Officer and Deputy Chairman Michael Warrington reflects: “Our upward trajectory as a Group stems from a commitment to investing not only in our projects, but also in our people and technology. Our teams remain the creative force propelling us forward, with their expertise and dedication being invaluable to our success. We place a strong focus on investing in their development and equipping them with the tools and resources they need to thrive. Moreover, by improving and consolidating our technology, we’ve been able to streamline labour-intensive processes, harness data for smarter decision-making, and automate routine tasks, allowing our staff to shift their focus toward high-impact, value-added work.”

The Annual Report also looks ahead to the Group’s ambitious plans for 2025 and beyond, including the opening of the Verdala Wellness Hotel and the extensive redevelopment of AX Sunny Coast into the AX ODYCY residences. The latter marks the next phase of the Group’s regeneration efforts in Qawra, which aims to deliver enhanced guest experiences while driving long-term growth in the area.

Visit Annual Report to view or download the AX Group Annual Report and Consolidated Financial Statements for the year ended 31 October 2024.