C H IEF EX ECUT I VE'S R EVIEW
2020 – a turbulent year
After 5% growth in the first quarter, the situation changed completely with the pandemic triggering an abrupt decline in demand. There was considerable uncertainty about the consequences of the pandemic and a series of activities was carried out to create as safe a working environment as possible and maintain the required level of service to our customers. The impact of the pandemic on the Group's operations varied among industries and markets. Some entities reported a drop in sales of more than 35% in the second quarter and the decline in sales overall was 10%. There was a reduction in numbers of infections in the third quarter and demand gradually improved. The sales activities gradually got back to normal and the decrease in sales levelled off at 2%, although several entities continued to contend with a significant slump.
As the numbers of infections rose in the fourth quarter, the health of our organisation once again became a top priority. Each organisation had settled into new routines and found effective ways of conducting sales activities suited to the situation. Economic activity continued to pick up and sales in the 2020 quarter grew by 5% year on year, which meant that full-year sales were on a par with last year. Throughout the challenges of this past year, the Group has once again demonstrated that it has the agility and strength to navigate difficult situations. Thanks to the creativity, loyalty and hard work of our operations, our customers have continued to receive a high level of service and our full-year sales are comparable with the previous year's.
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I am greatly impressed by the way in which the level of service to our customers has been maintained.
