Aspis expects pre-tax profits up at EUR 55 mln by 2010

Aspis Holdings Plc (ASP.CY) has issued ambitious revenue and profit growth targets for the period 2008-2010 as the insurance, financial services and entertainment group seeks to broaden its activities through an aggressive expansion drive abroad as well as new investments.
The targets were revealed during CSE’s road show in London when the Company presented its 3-year strategic targets. Specifically, ASP targets total revenues to increase at a CAGR07/10 of 45.1% reaching EUR 228 mln by 2010 from EUR 74.5mln in 2007, while earnings before interest and tax (EBIT) are seen increasing on average by 24.5% per annum up to 2010 reaching EUR 40 mln in 2008 from EUR 28.6mln in 2007 and EUR 55mln in 2010.
Total assets are forecast to grow on average at 13.5% per annum, reaching EUR 354 mln in 2010 compared to EUR 242mln in 2007. Aspis aims to broaden its area of core operations through an expansion drive, and by exploring potential investment opportunities in Cyprus and abroad. Aspis will also aim to increase the market shares of Insurance subsidiaries through innovative products and quality service while at the same time maintain and improve economies of scale.