AX Group CEO praises staff for their ‘commitment and determination to prevail’

Following the release of AX Group’s 2020 Annual Report today, CEO Michael Warrington praised the Group’s management and staff for their resilience during a gruelling year brought about by the COVID-19 pandemic.

In his statement, Mr Warrington said “I am proud to say that through all the challenges we faced during 2020, the management and staff of the group were exceptional in their commitment and determination to prevail.”

“With the support of the Xuereb family, the AX Group board, and our management and staff, I am confident that we will come through this,” he added.

Mr Warrington explained that, after five consecutive years of growth in the AX Group’s total revenue, it saw its turnover until the end of October 2020 decline to €29 million from €52 million in 2019.

“The impact of the COVID-19 pandemic was principally felt in the hospitality operations. Tourist arrivals for 2020 fell by 76.2 per cent to just 700,000 people, partly due to the airport’s closure. The decline in revenue in the hospitality division impacted the valuation of the AX Group’s hotel properties where we carried out revaluations in accordance with the requirements of International Financial Reporting Standards.”

The publication contains the Group’s financial statements along with overviews of its core activities across the key sectors it operates in, namely construction, development, healthcare, and hospitality.