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GO plc – Interim Results

Matthew Fabri

August 7, 2025

7 August, 2025
5 min read
7 August, 2025
5 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 7 August 2025, GO plc published its interim results covering the six-month period ended 30 June 2025.

Revenues rose by 9.2% to €123.9 million (H1 2024: €113.5 million), reflecting the positive contribution from the recently acquired subsidiaries which accounted for approximately €7.1 million of the growth.

GO explained that despite the highly competitive Maltese telecom market, the local segment continued to register steady growth, driven by an increase in subscriber numbers across both fixed and mobile services.

In Cyprus, Cablenet recorded a year-on-year revenue increase of 2%, supported by growth in mobile subscribers. Nonetheless, total revenue declined slightly, mainly due to a drop in football-related income and a reduction in mobile device financing activity. However, these pressures were partially offset by corresponding reductions in the related cost of sales, helping to mitigate the overall impact on profitability.

Meanwhile, BMIT generated total revenue of €18.3 million, an increase of €1.6 million (9.6%) compared to €16.7 million in the same period of 2024. Revenue from Data Centre, Cloud, and Managed Services rose to €16.2 million from €14.8 million in the first half of 2024. As in previous years, the continued growth in cloud service adoption remains the primary driver of the BMIT’s revenue growth.

The GO Group’s cost of sales grew by 8.8% to €77.7 million, compared to €71.4 million in the same period of 2024. The increase was fully attributable to the new acquisitions of Klikk and AQS. Despite the higher cost base, the gross margin remained stable at 37.3%.

Total operating costs (net of other income) rose by 6.0% to €107.1 million as all other costs, other than those relating to cost of sales, remained unchanged.

Operating profit rose by 24.5% to a record of €20.9 million compared to €16.8 million in the corresponding period last year. Excluding a depreciation and amortisation charge of €26.9 million, EBITDA increased by 7.5% to €47.8 million (H1 2024: €44.4 million). Nonetheless, the EBITDA margin decreased slightly to 38.5% compared to 39.1% in the first half of 2024.

After accounting for net finance costs of €4.5 million (H1 2024: €4.1 million), a tax charge of €4.9 million, as well as non-controlling interests of €0.2 million, the net profit for the period attributable to shareholders amounted to €11.3 million (H1 2024: €8.9 million) translating into an annualised return on average shareholders’ funds of 28.3% (H1 2024: 21.1%).

The Statement of Financial Position as at 30 June 2025, when compared to the position as at 31 December 2024 shows that total assets increased by 0.4% (or +€1.7 million) to €430 million, mostly consisting of Property plant and equipment (€195 million), Right of use assets (€50 million), intangible assets (€94 million), trade and other receivables (€50 million) as well as cash and equivalents of €21 million. Total liabilities increased by 0.5% (or +€1.62 million) to €324 million, mainly due to a reduction in payables. Shareholders’ funds rose by 2.7% (or +€2.2 million) to €80.4 million.

Dividend

The Directors of GO plc declared a net interim dividend of €0.07 per share, compared to last year’s interim dividend of €0.05 per share. The dividend represents a payout ratio of 62.9% (H1 2024: 56.9%) and is payable on Tuesday 2 September 2025 to all shareholders as at the close of trading on Wednesday 13 August 2025.

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 7 August 2025, GO plc published its interim results covering the six-month period ended 30 June 2025.

Revenues rose by 9.2% to €123.9 million (H1 2024: €113.5 million), reflecting the positive contribution from the recently acquired subsidiaries which accounted for approximately €7.1 million of the growth.

GO explained that despite the highly competitive Maltese telecom market, the local segment continued to register steady growth, driven by an increase in subscriber numbers across both fixed and mobile services.

In Cyprus, Cablenet recorded a year-on-year revenue increase of 2%, supported by growth in mobile subscribers. Nonetheless, total revenue declined slightly, mainly due to a drop in football-related income and a reduction in mobile device financing activity. However, these pressures were partially offset by corresponding reductions in the related cost of sales, helping to mitigate the overall impact on profitability.

Meanwhile, BMIT generated total revenue of €18.3 million, an increase of €1.6 million (9.6%) compared to €16.7 million in the same period of 2024. Revenue from Data Centre, Cloud, and Managed Services rose to €16.2 million from €14.8 million in the first half of 2024. As in previous years, the continued growth in cloud service adoption remains the primary driver of the BMIT’s revenue growth.

The GO Group’s cost of sales grew by 8.8% to €77.7 million, compared to €71.4 million in the same period of 2024. The increase was fully attributable to the new acquisitions of Klikk and AQS. Despite the higher cost base, the gross margin remained stable at 37.3%.

Total operating costs (net of other income) rose by 6.0% to €107.1 million as all other costs, other than those relating to cost of sales, remained unchanged.

Operating profit rose by 24.5% to a record of €20.9 million compared to €16.8 million in the corresponding period last year. Excluding a depreciation and amortisation charge of €26.9 million, EBITDA increased by 7.5% to €47.8 million (H1 2024: €44.4 million). Nonetheless, the EBITDA margin decreased slightly to 38.5% compared to 39.1% in the first half of 2024.

After accounting for net finance costs of €4.5 million (H1 2024: €4.1 million), a tax charge of €4.9 million, as well as non-controlling interests of €0.2 million, the net profit for the period attributable to shareholders amounted to €11.3 million (H1 2024: €8.9 million) translating into an annualised return on average shareholders’ funds of 28.3% (H1 2024: 21.1%).

The Statement of Financial Position as at 30 June 2025, when compared to the position as at 31 December 2024 shows that total assets increased by 0.4% (or +€1.7 million) to €430 million, mostly consisting of Property plant and equipment (€195 million), Right of use assets (€50 million), intangible assets (€94 million), trade and other receivables (€50 million) as well as cash and equivalents of €21 million. Total liabilities increased by 0.5% (or +€1.62 million) to €324 million, mainly due to a reduction in payables. Shareholders’ funds rose by 2.7% (or +€2.2 million) to €80.4 million.

Dividend

The Directors of GO plc declared a net interim dividend of €0.07 per share, compared to last year’s interim dividend of €0.05 per share. The dividend represents a payout ratio of 62.9% (H1 2024: 56.9%) and is payable on Tuesday 2 September 2025 to all shareholders as at the close of trading on Wednesday 13 August 2025.