AX Group is celebrating a year of success stories with the publication of our Annual Report for the year ended 31 October 2024.
2024 marked a turning point, as major investments we’ve strategically undertaken over recent years began to bear fruit, delivering measurable returns and driving steady growth across all our diverse business units.
2024 reflects a year of significant progress, underscored by multiple awards and industry recognition. Our commitment to excellence in development, hospitality, F&B and entrepreneurship has been widely acknowledged, with outstanding guest reviews and high customer satisfaction scores. The year also marked several key milestones in our project portfolio, including the completion of Palazzo Lucia and significant advancements in the development of Verdala Terraces and the Verdala Wellness Hotel. These major undertakings, alongside our strategic investments, continue to enhance the strength and value of the Group’s overall portfolio, setting the stage for sustained long-term growth.
Our commitment to environmental responsibility, community impact and robust governance practices has been at the forefront of our efforts. In 2024, we made significant strides in these areas, reinforcing our position as a responsible corporate entity that places sustainability at the core of our operations.
Alongside these achievements, we have also integrated technological advancements, implementing new systems to support our business transformation strategy. This initiative aims to further streamline operations and enhance efficiency across all divisions, ensuring that we remain agile and forward-thinking in an ever-evolving marketplace.
At the heart of our continued success is our investment in people. This year, we have placed a strong emphasis on talent development, training, and leadership growth. By nurturing our team, we ensure that AX Group remains well-positioned for the challenges and opportunities ahead, empowering our people to drive future success.
All in all, the report shines a light on the hard work and collaboration of all our teams, each playing a significant role in our ongoing success. As we look ahead, this year’s strong performance gives us the momentum and confidence to embrace new opportunities and tackle challenges with agility and purpose.
AX Group is celebrating a year of success stories with the publication of our Annual Report for the year ended 31 October 2024. 2024 marked a turning point, as major investments we’ve strategically undertaken over recent years began to bear fruit, delivering measurable returns and driving steady growth across all our diverse business units.
2024 reflects a year of significant progress, underscored by multiple awards and industry recognition. Our commitment to excellence in development, hospitality, F&B and entrepreneurship has been widely acknowledged, with outstanding guest reviews and high customer satisfaction scores. The year also marked several key milestones in our project portfolio, including the completion of Palazzo Lucia and significant advancements in the development of Verdala Terraces and the Verdala Wellness Hotel. These major undertakings, alongside our strategic investments, continue to enhance the strength and value of the Group’s overall portfolio, setting the stage for sustained long-term growth.
Our commitment to environmental responsibility, community impact and robust governance practices has been at the forefront of our efforts. In 2024, we made significant strides in these areas, reinforcing our position as a responsible corporate entity that places sustainability at the core of our operations.
Alongside these achievements, we have also integrated technological advancements, implementing new systems to support our business transformation strategy. This initiative aims to further streamline operations and enhance efficiency across all divisions, ensuring that we remain agile and forward-thinking in an ever-evolving marketplace.
At the heart of our continued success is our investment in people. This year, we have placed a strong emphasis on talent development, training, and leadership growth. By nurturing our team, we ensure that AX Group remains well-positioned for the challenges and opportunities ahead, empowering our people to drive future success.
All in all, the report shines a light on the hard work and collaboration of all our teams, each playing a significant role in our ongoing success. As we look ahead, this year’s strong performance gives us the momentum and confidence to embrace new opportunities and tackle challenges with agility and purpose.
2024 key milestones
Multiple AWARDS &
Industry Recognition
Multiple
AWARDS &
Industry
Recognition
- European Property Awards 2024
- ODYCY - Leisure Development for Malta
- ODYCY - Commercial Redevelopment for Malta
- ODYCY - Masterplan for Malta
- ODYCY - Hotel Architecture for Malta
- Chairman Angelo Xuereb awarded Lifetime Achievement Award in Tourism by the Mediterranean Tourism Foundation
- Claire Xuereb honoured with Bronze Award for Female Entrepreneur of the Year – Malta Business Awards 2023
- Family Business of the Year – Malta Business Awards 2024
- AX Hotels wins Gold Award ‘Leader in Quality Tourism’ at the Malta Business Awards 2023
- Sliema Hotels – GSTC Certified Hotels
- AX The Palace – Quality Award 2023 by Jet2Holidays
- Chefs at TemptAsian win Gold and Silver Medals at Malta Kulinarja 2024
- TemptAsian The Definitive(ly) Good Food Guide Awards by restaurantsmalta.com
- TemptAsian - Winner of the Malta Best Hotel Restaurant at the Malta Culinary Awards 2024
- AX The Palace awarded the ‘Recommended on HolidayCheck 2024’ award
- AX The Palace Malta and TemptAsian Restaurant & Lounge awarded as Malta’s Foremost Employer in the Hotels, Restaurants, and Hospitality by Wines and Restaurants of Malta (WRMC)
- AX ODYCY - Traveller Review Award 2024
- AX ODYCY honoured with the TripAdvisor Travellers’ Choice Award for 2024
- AX ODYCY wins Interior Architecture Award for Hospitality and Tourism Projects Award at the 2023 MASP Awards
- Under Grain proudly awarded a Michelin star for the fifth consecutive year
- Grain Street, earned a spot on the Bib Gourmand list for the third year
- Rosselli and AX The Saint John received an ‘excellent’ rating – Forbes Service Excellence Award
- Rosselli - AX Privilege Recommended Hotel in the Forbes Travel Guide 2024
- Under Grain bestowed with the prestigious three forks - Forbes Travel Guide 2024
- AX The Saint John is selected by the Forbes Travel Guide as a Recommended Hotel for the 2024 Star Awards
- AX Hotels wins Gold Award ‘Leader in Quality Tourism’ at the Malta Business Awards 2023
SECTORS highlights
celebrating our
achievements
- Solid growth across key business sectors, reinforcing AX Group’s strategic direction, high standards and operational efficiencies.
- Completion of Palazzo Lucia, significant progress on Verdala Terraces and Verdala Wellness Hotel. Strategic investments and project developments driving long-term value.
- Significant strides in environmental responsibility, community impact and governance.
Satisfaction
- Outstanding guest reviews and high customer satisfaction scores, reaffirming the Group’s dedication to service excellence.
- Implementation of new systems to continue with our business transformation strategy to enhance efficiency across divisions.
- Investments in people, training and leadership growth to future-proof the business.
the AX CARE TEAM
- Waiting list of over 90 families for Hilltop Retirement Village, reflecting sustained demand for high-quality retirement living.
- Simblija Care Home maintained high occupancy levels, successfully balancing long-term and short-term stays, including respite care.
- Revive Physio & Aquatic Therapy Centre exceeded revenue targets, driven by increased demand for rehabilitation services.
- Comprehensive cost review enhanced internal controls and operational efficiencies.
- Resident engagement remained a priority, with a dynamic calendar of engaging events.
- Community collaboration with Arthritis & Rheumatism Association Malta and the Dementia Association.
- Commitment to safety and wellness, with the launch of a Falls Prevention Programme at Revive.
the AX HOTELS TEAM
- Achieved strong revenue growth driven by higher occupancy rates and improved average daily rates across AX Hotels properties in Qawra, Sliema and Valletta.
- Consistent performance improvements throughout the year, outpacing previous year’s results and contributing to AX Group’s overall financial health.
- Full year of AX ODYCY Hotel operations including the launch of new F&B concepts, enhancing guest experiences and driving property growth.
- Earned notable industry accolades.
- Conistent high guest ratings and positive reviews across online platforms.
- Comprehensive training programmes for staff in all hotels to enhance service standards, contributing to high levels of guest satisfaction.
- Continued emphasis on sustainable practices across AX Hotels, aligning with AX Group’s broader ESG objectives.
- Preparations for entry in the wellness market with Verdala Wellness Hotel; part of AX Privilege’s collection.
- Launched and integrated MAXIE, the AI-powered chatbot, providing immediate support and personalised assistance across AX Hotels platforms.
MILESTONES
- Significant progress on the Verdala Terraces and Wellness Hotel working closely with architects, interior designers, and other experts.
- Successful completion and leasing of Palazzo Lucia, an 18th-century palazzo in Valletta, which has been transformed into a prestigious office address.
- Qawra Project Phase 2 will see the AX Sunny Coast transformed into AX ODYCY Residences with better synergies between the two Qawra hotels.
- Plans for the refurbishment of AX The Palace common areas and guest rooms are underway.
- Continued commitment to innovative design and value creation for clients, investors and communities.
KEY SUCCESSES
- Transitioned to a more balanced and diversified portfolio, with a substantial shift towards external projects.
- External projects of significant national importance such as MIA, St. John’s Co-Cathedral, Jesuits’ Church, Villa Lunginsland amongst several others.
- Significant progress on Verdala Terraces and Wellness Hotel, crucial for the hotel’s 2025 opening and apartment sales.
- Continued focus on waste separation, health and safety and community engagement.
- Workplace Development with health and safety training.
- Significant progress in digital transformation and plans for implementing an Enterprise Resource Planning (ERP) system.
- Hosted site visits for University of Malta students, bridging the gap between academic knowledge and real-world application.
HIGHLIGHTS
- Substantial growth in both revenue and profitability, primarily driven by ODYCY’s performance which exceeded expectations.
- Focus for 2025 is on Verdala Wellness Hotel and Phase 2 of the Qawra Project, which will enhance the revenue generation of AX Real Estate.
- All AX Real Estate properties were practically fully leased throughout the year.