2023 was the first full year of undisrupted operations in four years and our revenue performance exceeded our 2022 record. Currently, almost two-thirds of our portfolio is aimed at the leisure market and our strong topline performance reflects our ongoing diversification strategy and investment in our portfolio. We continue to enhance the appeal of our products, helping to drive revenue and grow overall occupancy levels and average daily rates, and expand our all-year-round operations.

In the 2023 financial year the Group delivered strong revenue of EUR 126.5 million (2022: EUR 109.5 million), an increase of 15.5%. Accommodation revenue rose by 16.2% to EUR 105.7 million. Average daily rate was strong at EUR 109.7, an increase of 11.7% and occupancy increased by 111 basis points to 46.2%. This led to RevPAR of EUR 50.7, an 14.5% increase on the prior year.

The high inflation environment led to a significant increase in operating expenses, particularly electricity costs in Croatia, which impacted the Group’s EBITDA performance. Consequently, reported EBITDA was down year-on-year at EUR 28.0 million (2022: EUR 31.2 million).

The Group did not require any external financing in 2023 and does not expect any major refinancing before the end of 2026. The Group remains consistent with its long-standing debt structure strategy, which has taken advantage of very low interest rates with long tenures thus protecting its cash position, secure repayment commitments and better cash flow management. Following the recent successful financing of investment projects and the refinancing of existing loans, the Group has 94% of its debt bearing a fixed interest rate, with 100% either fixed or hedged.

Read more about our financial performance and operations in our Annual Report.