Growth in Polish Apple business behind €282 million in revenue for 1923 Investments plc

Last Updated on Tuesday, 23 April, 2024 at 2:25 pm by Andre Camilleri

1923 Investments plc, a subsidiary of Hili Ventures, has published its financial statements for the year ending December 2023, registering a strong performance across its key markets, especially in Poland.

“2023 was an eventful year in which we streamlined our business, expanded our most successful operation, and sharpened our focus, leading us to achieve an unprecedented €282 million in revenue,” said Chairman David Bonett.

1923 Investments is the holding company behind iSpot, Poland’s largest Apple Premium Reseller business. Following the acquisition of its largest competitor Cortland in March last year, iSpot now has a network of 48 Apple Premium Resellers and service points across major Polish cities. In 2023, the Apple business contributed to more than 90% of total group revenue.

Through a joint venture, 1923 Investments also operates four Apple Premium Resellers in Hungary under the iCentre brand. It holds a majority stake in Malta-based Harvest Technology plc, a provider of IT solutions, security systems and electronic payment solutions. Over the last 12 months, the company divested its shareholding in E-Lifecycle Holdings and Hili Logistics.

During the year ending 31 December 2023, 1923 Investments’ consolidated revenue increased by over 40% to €281.8 million, compared to €197.5 million in the previous year. This was bolstered by two main factors: the Cortland acquisition, and a 10% increase in organic revenue due to strong retail performance at iSpot.

EBITDA reached €17.9 million and 1923 Investments closed the year with profit before tax from continuing operations of €7.3 million, compared to €4.3 million in 2022.

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