Georgi Zhechev Expects To Triple Earnings Despite Laying Off 300 Employees

Despite laying off hundreds of employees in East Park’s bid to for higher singularity and more efficient growth they closed down or sold 17 businesses in their conglomerate with many of them being profitable businesses. This was part of their strategy to focus on growing their most profitable companies “with the aim in mind of in the future re-entering those sectors through acquisitions of market leaders”.

The growth is fuelled by continued healthy growth particularly in their media and music businesses with the music side of the company currently providing 65% of total revenue and 59% profits. Their music business has continued to grow organically while their media businesses can mostly contribute its growth to acquisitions and mergers with the company buying 12 media companies in Autumn 2018 for a total of $1.67 million.

The company has also been able to maintain such high healthy figures by using complex corporate structures and siphoning off funds to the district of Capelle aan den IJssel in the Netherlands which allows them to pay minimal or no taxes totally legally. Tripling your earnings may seem like a lot for a big company but East Park did increase its earnings fivefold in the 2017/2018 financial year. The healthy growth and financial status for the company will make it an attractive company to invest in if they fulfill their plan to go public once they reach £1 billion in yearly revenue.

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