Hapimag, the leading company in the European market for holiday rights of residence, has reported a five per cent growth and positive results for 2008, despite the difficult economic climate.
The company closed the 2008 financial year with an operating income of 165.4 million Euros, a 5.1 per cent increase on the previous year. This was the first time the company presented its results in euros instead of Swiss francs.
Sales in the Hapimag holiday resorts increased by 8.5 per cent to ~ 64.2 million euros. The 58 Hapimag resorts, located in 18 countries, had an average capacity utilisation rate of 78.5 per cent, with more than three million overnight stays last year.
The sales of shares and right of residence products also increased by 7.2 per cent year on year. The key markets of Germany and Italy remained strong despite the unfavourable currency situation.
Over the past year, the company spent 39 million euros in renovating and extending its holiday resorts. Expansion also continued with the opening in February 2009 of a third holiday resort in Hörnum, on the island of Sylt in Germany. A new city resort, a reconstruction of a historical British Hotel, is currently being built in the heart of Dresden, expected to be completed in 2010.