Growth In Polish Apple Business behind €282 Million in Revenue for 1923 Investments plc

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. 

iSpot stores in Poland

About 1923 Investments plc

1923 Investments plc operates as a diversified holding company, overseeing subsidiaries in technology and retail segments. Its portfolio includes Harvest Technology in Malta, combined businesses iSpot and Cortand in Poland, and iCentre in Hungary.

1923 Investments is the investments arm of Hili Ventures Ltd, the holding company of a diversified group with a deep-rooted entrepreneurial heritage dating back to 1923. Through its various subsidiaries, Hili Ventures is engaged in food service & retail, real estate & hospitality, shipping, oil & gas, engineering, and technology in 10 countries across Europe and North Africa with a team of 11,000+ people. 

From its headquarters in Malta, Hili Ventures steers its subsidiaries towards continued growth in selected sectors and markets. Hili Ventures is a proud partner of Apple, Konecranes, McDonald’s, Microsoft, NCR, Six Senses and many other global brands.