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PG plc – Full-Year Results

Jonathan Falzon

September 1, 2025

Market News
1 September, 2025
6 min read
Market News
1 September, 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.

Financial Performance

On 29 August 2025, PG plc published the Annual Report and Financial Statements for the financial year ended 30 April 2025.

Revenue increased by 2.0% to a new record of €202 million (FY2023/24: €198 million). The company explained that operations were negatively impacted by major roadworks adjacent to both Pama Shopping Village and Pavi Shopping Complex, which hindered access to the sites.  Nonetheless, competitive pricing led to sustainable footfall growth which fuelled sales growth. The Directors’ report explained that the Group’s retailing operations are being managed under a new unified strategy.

Operating costs (net of other income) increased by 3.3% to €184 million as the higher cost of sales outweighed the reduction in administrative and marketing expenses. As a results, operating profit (EBIT) dropped by 9.9% to €18.0 million compared to a record of €20.0 million in the previous financial year. Furthermore, the EBIT margin weakened to 8.9% compared to 10.1%. Excluding depreciation and amortisation charges, EBITDA fell by 7.1% to €21.6 million whilst the EBITDA margin weakened to 10.7% from 11.7% in the previous comparable period.

After accounting for net finance costs of €0.74 million and a tax charge of €4.74 million, PG reported a net profit of €12.4 million which is 8.6% lower than the record net profit of €13.5 million registered in the previous financial year. The return on average equity amounted to 17.4% (FY2023/24: 20.6%).

The Statement of Financial Position as at 30 April 2025, when compared to the corresponding figures as at 30 April 2024, shows that total assets increased by 23% (or €30 million) to €162 million, which include cash balances (including term deposits) of €12.8 million and other financial assets totalling €18.1 million. Total liabilities increased by 39% (or €25 million) to €88 million, which include bank overdrafts of €18.3 million and lease liabilities of €24.7 million. Total equity expanded by 7.4% (or €5.1 million) to €73.9 million.

Dividend

For the 2024/25 financial year, PG paid out total net dividends of €0.0671 per share, unchanged from the previous year and translate into a payout ratio of 58.5% compared to 53.5% in the previous year.

Annual General Meeting

PG plc will be holding the Annual General Meeting on Friday 24 October 2025.

Acquisition of control of DB Gauci Shopping Mall Limited

The Annual Report notes that on 27 January 2025, the Group obtained a 60% shareholding in DB Gauci Shopping Mall Limited, which holds a promise-of-sale agreement for the temporary sub-emphyteusis of a property comprising a proposed shopping mall as well as car park spaces, which are all currently under construction on the site of the old Institute for Tourism Studies at St George’s Bay, St Julians.

Outlook

In their commentary, the Directors stated that the capital allocation decisions to lay the groundwork for the future were intended to enhance operational efficiency, expand market reach, and developing innovative product offerings. The Board believes that strategic investments remain crucial to maintain a competitive advantage and deliver sustainable value to shareholders.

The Directors highlighted that the Group holds a robust financial position, but operations are affected by inflationary cost pressures, geopolitical instability, and stronger competitive activity within the local market. As a result, the Board remains prudent in the outlook, recognising that there are both risks and opportunities that may influence the future performance.

The company stated that Group sales during the first quarter (1 May 2025 and 31 July 2025) of the current financial year increased by 8%, which demonstrates the Group’s commitment to deliver value without compromising on quality.

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 29 August 2025, PG plc published the Annual Report and Financial Statements for the financial year ended 30 April 2025.

Revenue increased by 2.0% to a new record of €202 million (FY2023/24: €198 million). The company explained that operations were negatively impacted by major roadworks adjacent to both Pama Shopping Village and Pavi Shopping Complex, which hindered access to the sites.  Nonetheless, competitive pricing led to sustainable footfall growth which fuelled sales growth. The Directors’ report explained that the Group’s retailing operations are being managed under a new unified strategy.

Operating costs (net of other income) increased by 3.3% to €184 million as the higher cost of sales outweighed the reduction in administrative and marketing expenses. As a results, operating profit (EBIT) dropped by 9.9% to €18.0 million compared to a record of €20.0 million in the previous financial year. Furthermore, the EBIT margin weakened to 8.9% compared to 10.1%. Excluding depreciation and amortisation charges, EBITDA fell by 7.1% to €21.6 million whilst the EBITDA margin weakened to 10.7% from 11.7% in the previous comparable period.

After accounting for net finance costs of €0.74 million and a tax charge of €4.74 million, PG reported a net profit of €12.4 million which is 8.6% lower than the record net profit of €13.5 million registered in the previous financial year. The return on average equity amounted to 17.4% (FY2023/24: 20.6%).

The Statement of Financial Position as at 30 April 2025, when compared to the corresponding figures as at 30 April 2024, shows that total assets increased by 23% (or €30 million) to €162 million, which include cash balances (including term deposits) of €12.8 million and other financial assets totalling €18.1 million. Total liabilities increased by 39% (or €25 million) to €88 million, which include bank overdrafts of €18.3 million and lease liabilities of €24.7 million. Total equity expanded by 7.4% (or €5.1 million) to €73.9 million.

Dividends

For the 2024/25 financial year, PG paid out total net dividends of €0.0671 per share, unchanged from the previous year and translate into a payout ratio of 58.5% compared to 53.5% in the previous year.

Annual General Meeting

PG plc will be holding the Annual General Meeting on Friday 24 October 2025.

Acquisition of control of DB Gauci Shopping Mall Limited

The Annual Report notes that on 27 January 2025, the Group obtained a 60% shareholding in DB Gauci Shopping Mall Limited, which holds a promise-of-sale agreement for the temporary sub-emphyteusis of a property comprising a proposed shopping mall as well as car park spaces, which are all currently under construction on the site of the old Institute for Tourism Studies at St George’s Bay, St Julians.

Outlook

In their commentary, the Directors stated that the capital allocation decisions to lay the groundwork for the future were intended to enhance operational efficiency, expand market reach, and developing innovative product offerings. The Board believes that strategic investments remain crucial to maintain a competitive advantage and deliver sustainable value to shareholders.

The Directors highlighted that the Group holds a robust financial position, but operations are affected by inflationary cost pressures, geopolitical instability, and stronger competitive activity within the local market. As a result, the Board remains prudent in the outlook, recognising that there are both risks and opportunities that may influence the future performance.

The company stated that Group sales during the first quarter (1 May 2025 and 31 July 2025) of the current financial year increased by 8%, which demonstrates the Group’s commitment to deliver value without compromising on quality.