Hoist Group announces Q1 2020 results in line with expectations and prepares confidently for the Hospitality market re-opening and recovery
Stockholm, May 29[th] 2020 Hoist Group, the pan-European leader in the provision of technology solutions for the hotel industry, announced today its Q1 2020 results. Revenues and gross profit grew by 4% year-on-year and EBITDA reached 31M SEK, a 30% increase on the previous year, thanks to business growth, the efforts made by the staff and OPEX cost control. This outcome is aligned with the Company’s budget. Nevertheless, the COVID-19 outbreak has heavily impacted the hospitality industry, causing 75% of hotels in EMEA to be temporarily closed. Market expectations are for a gradual re-