Westnet maintained stable financials and increased its market share in 2016. In spite of the adverse economic environment, the company maintained sales as last year’s levels (from €93 million in 2015 to €92 million in 2016). Gross profit increased by 6%, from €6.4 million in 2015 to €6.8 million in 2016, and earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 13%, from €2.5 million in 2015 to €2.9 million in 2016. Finally, earnings before taxes increased by 3%, from €1.2 million in 2015 to €1.3 million in 2016.
Westnet succeeded in maintaining its turnover in a declining year for the market through the company’s strategy, which broadened to include new product categories and focused on the most successful strategic partnerships and the development of a new customer base. More specifically, new collaboration was added with Microsoft, on all of the latter’s consumer products, and with Canon, on photographic and printing products. In tandem, Westnet entered the television market through exclusive partnerships with Hitachi and Toshiba.
Commenting on the year’s results, Westnet’s CEO, Robby Bourlas, noted: „In spite of the difficult economic state of affairs, Westnet succeeded in maintaining its sales and increasing its market share and profitability. 2016 was also an important year for the company, as we concluded new strategic partnerships with major multinational manufacturers. 2017 started with a fall in the market, but – continuing to invest – we opened our subsidiary in Cyprus in the first quarter”.
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Top Distinctions in Finance & Accounting Awards 2023
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