ICAP Group companies realized revenues of €49 million and EBITDA profits of €8,1 million during the economic use which ended on December 31 2008, therefore achieving a robust organic 24% growth in revenues and 31% in EBITDA compared to 2007. Moreover, ICAP Group’s expansion in relation to the previous year exceeds 50% when the revenues produced by acquisitions are included in the growth calculation.
At the course of 2008, ICAP Group expanded with the foundation of two affiliated companies in Romania and Serbia and with the addition of new Units in the already existing ICAP Bulgaria. Furthermore, ICAP Group acquired a majority shareholding in CYCLE CREDIT, a leading company in Receivables Management in Greece, with presence in 3 Balkan countries. In addition, the Group contracted agreements with Google, for the sale of advertising space (AdWords) in the Greek market and with Hogan for the exclusive representation of Employee Evaluation Systems in Greece, Serbia and Cyprus. ICAP Group also introduced new products and services to the Business Information Business Unit, and completed important consulting projects together with Bain & Co.
Nikitas Konstantellos, ICAP Group’s CEO made the following statement: “2008 was a very successful year for us, both because we achieved to considerably grow our financial figures and because we added new services and we dynamically expanded to new markets, in Greece and abroad. At the same time, we consolidated our leading position in Business Information and Credit Risk Management, becoming the first External Credit Assessment Institution (ECAI) in Greece - and one of only four in Europe - to be accredited by the Bank of Greece”.