ICAP: Greek Tourism Businesses Back to Profit

The record-breaking number of arrivals in 2014 paved the way for growth of local tourism enterprises, according to findings released recently by ICAP Greece.

Assessing corporate data from 1,494 business ventures active in tourism, sales in 2014 rose by 13.2 percent.

The positive results contributed to bringing the sector back to profits with pre-tax gains coming to 151.6 million euros in 2014, compared to losses of almost 31 million euros in the previous year.

Indicatively, “Of the 14,223 companies publishing balance sheets, we not only saw a halt of the continuing decline, but a slight increase in sales by 2.4 percent,” said Nikitas Konstantellos, CEO ICAP Group.

The report also highlighted a robust growth in operating results of Greek enterprises, accompanied by a significant rise by 19 percent in earnings before interest, taxes, depreciation and amortization (EBITDA).

On the downside, the positive results have not sufficed to prevent losses, which however shrank by 55 percent, demonstrating a course to recovery.

Sectors bucking the declining trend were commerce and tourism, the report concluded.

UK-based ICAP Group provides credit risk services, marketing solutions, management consulting and people and employment solutions through its 13 subsidiaries.