GO plc - Interim Directors’ Statement

On 10 November, GO plc issued its Interim Directors’ Statement to update the market on developments since 30 June 2014.

GO reported that similar to the trend in the first half of 2014 in which the Group reported growth in revenue and profitability when compared to 2013, notwithstanding the highly competitive telecoms market, the Group continues to maintain market share, stable revenues, healthy levels of profitability and cash generation.

The investment that the Group is undertaking in technology, systems, software and processes is allowing GO to maintain its market share as it enhances the customer experience and achieves operational efficiency. GO confirmed that the intensive efficiency program is delivering sustainable reductions in operating costs and enabling the Group to report growth in profitability in spite of stable revenues.

GO also provided an update on its international interests. Following the conclusion of the acquisition of a 25% shareholding Cablenet Limited in Cyprus during September, GO reported that the operating performance of this company is in line with expectations and augurs well for the future.

Meanwhile, Forthnet SA in Greece has been the subject of a number of company announcements in recent months. The Greek incumbent operator OTE is interested in acquiring the pay-tv business of Forthnet while Vodafone and Wind (which together jointly own almost 40% of Forthnet), are interested in acquiring the remaining shareholding of Forthnet. The Directors of GO confirmed that Forthnet’s management is currently evaluating both options.

In their concluding remarks, the Directors expressed their satisfaction on the Group’s performance and its strategy of protecting the profitability of its core telecoms operations, as it pursues new growth opportunities both locally and internationally with the aim of enhancing shareholder value.