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GO plc – Full-Year Results

Jonathan Falzon

April 17, 2025

17 April, 2025
6 min read
17 April, 2025
6 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

On 16 April 2025, GO plc published the Annual Report and Financial Statements for the year ended 31 December 2024.

Total Group revenue increased by 3.8% to a record of €244.9 million (2023: €235.9 million) reflecting growth across all three reporting segments. Consolidated telecommunication and data centre services climbed 2.3% to €209.7 million, sale of goods increased by 15.1% to €27.7 million and other services increased by 9.3% to €7.5 million. The company highlighted that in Malta’s broadband market, GO surpassed 112,500 customers accounting for 46.8% market share. Meanwhile, within Malta’s mobile segment GO gained an additional 10,000 customers which consolidated its second place standing with a market share of 34.8%. In Cyprus, Cablenet increased its mobile subscribers by 10% and expanded its broadband coverage to 230,000 homes.

Operating costs net of other income increased by 4.3% to €209.6 million reflecting the higher level of business activity, employee salaries, and operational restructuring. Excluding depreciation and amortisation charges, EBITDA increased by 2.4% to €90.6 million compared to €88.4 million in 2023. Operating profit (EBIT) increased by 0.8% to €35.2 million. The EBITDA Margin eased to 37.0% (2023: 37.5%) while the EBIT Margin eased to 14.4% (2023: 14.8%).

Meanwhile, net finance costs increased by 3.7% to €8.5 million.

Overall, GO reported a pre-tax profit of €26.7 million, practically unchanged from the previous year. After accounting for a tax charge of €11 million and minority interests of €1.2 million, net profit attributable to GO’s shareholders amounted to €14.5 million in line with the previous year. This translates into a return on average equity of 17.0% (2023: 15.8%).

The Statement of Financial Position as at 31 December 2024 shows that total assets dropped by 6% (or €27.5 million) to €430.6 million, largely reflecting the three dividend payments paid during the calendar year, including the one-time net dividend of €15.2 million paid in February 2024, which represented part of the proceeds received from GO’s transaction with BMIT Technologies in 2023 of passive infrastructure. Total liabilities fell by 4% (or €14.2 million) to €344.4 million, with total debt virtually unchanged at €220 million consisting of €173 million in borrowings and €47 million in lease liabilities. Shareholders’ funds dropped by 15% (or €13.8 million) to €78.3 million.

Dividend

The Directors of GO are recommending the payment of a final net dividend of €0.08 per share (2023: €0.05). Coupled with the interim net dividend of €0.05 (2023: €0.07) per share paid in September 2024, the total net dividend for the financial year 2024 amounts to €0.13 per share, which is 8.3% higher than the previous year.

The final net dividend is payable on 24 June 2025 to all shareholders as at the close of trading on 16 May 2025 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 19 June 2025.

Outlook

The Chairman of GO noted that the future of the Group will be defined by continued innovation, sustainability, and an unwavering commitment to customers. The CEO explained that the €100 million Fibre-to-the-Home project is on the verge of completion, five years ahead of schedule. With respect to the main subsidiaries, the CEO explained that Cablenet remains focused on expanding its mobile business, growing its fibre network, and enhancing profitability, whilst navigating market challenges. Meanwhile, BMIT Technologies will continue to drive innovation, expand cybersecurity, invest in AI-driven automation, and explore international growth. The Directors also noted that GO is also actively contributing to Malta’s green transition through the recent acquisition of AQS Med Ltd.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 16 April 2025, GO plc published the Annual Report and Financial Statements for the year ended 31 December 2024.

Total Group revenue increased by 3.8% to a record of €244.9 million (2023: €235.9 million) reflecting growth across all three reporting segments. Consolidated telecommunication and data centre services climbed 2.3% to €209.7 million, sale of goods increased by 15.1% to €27.7 million and other services increased by 9.3% to €7.5 million. The company highlighted that in Malta’s broadband market, GO surpassed 112,500 customers accounting for 46.8% market share. Meanwhile, within Malta’s mobile segment GO gained an additional 10,000 customers which consolidated its second place standing with a market share of 34.8%. In Cyprus, Cablenet increased its mobile subscribers by 10% and expanded its broadband coverage to 230,000 homes.

Operating costs net of other income increased by 4.3% to €209.6 million reflecting the higher level of business activity, employee salaries, and operational restructuring. Excluding depreciation and amortisation charges, EBITDA increased by 2.4% to €90.6 million compared to €88.4 million in 2023. Operating profit (EBIT) increased by 0.8% to €35.2 million. The EBITDA Margin eased to 37.0% (2023: 37.5%) while the EBIT Margin eased to 14.4% (2023: 14.8%).

Meanwhile, net finance costs increased by 3.7% to €8.5 million.

Overall, GO reported a pre-tax profit of €26.7 million, practically unchanged from the previous year. After accounting for a tax charge of €11 million and minority interests of €1.2 million, net profit attributable to GO’s shareholders amounted to €14.5 million in line with the previous year. This translates into a return on average equity of 17.0% (2023: 15.8%).

The Statement of Financial Position as at 31 December 2024 shows that total assets dropped by 6% (or €27.5 million) to €430.6 million, largely reflecting the three dividend payments paid during the calendar year, including the one-time net dividend of €15.2 million paid in February 2024, which represented part of the proceeds received from GO’s transaction with BMIT Technologies in 2023 of passive infrastructure. Total liabilities fell by 4% (or €14.2 million) to €344.4 million, with total debt virtually unchanged at €220 million consisting of €173 million in borrowings and €47 million in lease liabilities. Shareholders’ funds dropped by 15% (or €13.8 million) to €78.3 million.

Dividend

The Directors of GO are recommending the payment of a final net dividend of €0.08 per share (2023: €0.05). Coupled with the interim net dividend of €0.05 (2023: €0.07) per share paid in September 2024, the total net dividend for the financial year 2024 amounts to €0.13 per share, which is 8.3% higher than the previous year.

The final net dividend is payable on 24 June 2025 to all shareholders as at the close of trading on 16 May 2025 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 19 June 2025.

Outlook

The Chairman of GO noted that the future of the Group will be defined by continued innovation, sustainability, and an unwavering commitment to customers. The CEO explained that the €100 million Fibre-to-the-Home project is on the verge of completion, five years ahead of schedule. With respect to the main subsidiaries, the CEO explained that Cablenet remains focused on expanding its mobile business, growing its fibre network, and enhancing profitability, whilst navigating market challenges. Meanwhile, BMIT Technologies will continue to drive innovation, expand cybersecurity, invest in AI-driven automation, and explore international growth. The Directors also noted that GO is also actively contributing to Malta’s green transition through the recent acquisition of AQS Med Ltd.