WESTech Group continues its five-year streak of excellent economic performance

In 2022, WESTech Group kept to the trend established in previous years, once again delivering excellent results and reporting turnover of more than $310 million. Although the IT industry experienced multiple unexpected changes, the Group’s EBIDTA still crossed the $10 million mark last year.
WESTech Group comprises: WESTech, a leading distributor in the IT segment in Slovakia, the Czech Republic and Hungary; iStores – the retail brand behind Apple Premium reseller stores; Arašid, with its network of PGS (PlayGoSmart) stores; a Swiss authorised service centre; and Logicworks, the Apple expert for businesses. Each of these companies holds an important position within WESTech Group and contributed considerably to the excellent economic performance of the Group as a whole.

WESTech Group’s repeat of its remarkable results was driven in part by a number of distribution-related successes. In particular, for example, the Hungarian market opened up thanks to a DJI brand contract, while mobile brands such as OPPO, VIVO, TCL and Samsung experienced meteoric growth. The Group achieved other equally significant results in the distribution of laptop brands, where it captured a significant market share in sales of ASUS and Lenovo products, and when it came to the Dell EMC brand, WESTech positioned itself squarely as the market leader. On the Czech, Slovak and Hungarian markets, it consolidated its position as the exclusive distributor of the Roborock brand in 2022. In networking, the past year was a resounding success for sales of the 2N, Mikrotik and Ubiquity brands, and distribution contracts were also signed with the Cudy and Bluetti brands.

One of the biggest players among consumer electronics retailers in Slovakia and the Czech Republic is iStores. In 2022, iStores successfully opened two new stores on the Slovak market – one in the Promenada shopping centre in Nitra and the other in the Novum shopping centre in Prešov. In all, iStores now has 17 branches (10 in Slovakia and 7 in the Czech Republic), which helped it to improve and grow by 26% year-on-year. In this period, iStores shops were visited by a remarkable 1.7 million customers, generating almost 300,000 sales.

The financial indicators reported for WESTech Group’s retail operations underscored how stable it is by exceeding the $100 million mark (figures from iStores CZ/SK and PGS). The company also excelled in innovating and improving online customer service by introducing a brand new website, istores.cz, to visitors in the Czech Republic.
“We are a stable company that is continuing to expand in staff numbers and new distribution contracts despite the downturn in the IT market, so I am really pleased to see how positive our results have been across the Group. We have been a stable player in the IT business for five years in a row, reporting turnover of over $300 million. This is sending a clear signal to the market – we are accomplishing our business goals in the face of constant flux. I would say that one of the most significant milestones of the past year was WESTech’s entry into the Hungarian market, which presented us with new business challenges,”
Matej Sršeň CEO
WESTech and its subsidiaries employ more than 530 people.
WESTech partners with over 200 major global brands (Apple, JBL, Lacie, Zens, Devia, DJI, Roborock, Intel, AMD, Gigabyte, WD, Seagate, Microsoft, Eset, HP, Dell, Asus, Lenovo, Samsung, OPPO, VIVO, Huawei, TCL, Logitech, Satechi, Harman Kardon, Bose, Microsoft, Ubiquiti, Mikrotik, Zyxel and others).

WESTech is part of the international ELKO Group, which posts a total annual turnover of $1.5 billion. ELKO Group represents 350 IT manufacturers and provides a wide range of products and services to more than 10,000 retailers, local computer manufacturers, system integrators and businesses in a variety of sectors in 12 European countries. Headquartered in Riga and owned by several legal entities, ELKO Group currently employs more than 1,100 people.

ELKO Group’s financial indicators for 2022 reflect a similarly successful trend. Despite a 30.8% drop in consolidated revenues following the divestment of the Russian entity, profitability remained high throughout the year.

ELKO Group’s January-December 2022 highlights:
Sales of $1,516 million (€1,428 million), down 30.8% year-on-year.
Net profit of $58.4 million (€55.1 million), up 31.4% year-on-year.

Press officer:
Katarína Štefánková
Marketing Director WESTech B2B

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