Bortex Group Finance plc – Updated Financial Analysis Summary

Jonathan Falzon

April 28, 2025

28 April, 2025
3 min read
28 April, 2025
3 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 28 April 2025, Bortex Group Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and financial position of Bortex Group Holdings Ltd. (the Guarantor) for the year ending 31 October 2025:

  • Revenue is expected to increase by 12.0% to €26.7 million as the Group expects higher income from both operating segments, namely apparel (+13.1% to €17.9 million) and hotel operations (+9.9% to €8.78 million). Bortex Group will be opening two new boutique hotels during 2025.
  • EBITDA is projected to surge by 23.4% to a record of €6.62 million reflecting improved margins across both operating segments.
  • Net finance costs are forecasted to drop by 5.8% to €1.22 million, leading to an improved interest cover of 5.4 times compared to 4.1 times in the previous year.
  • Total debt is forecasted to increase by 10.8% to €35.8 million when including lease liabilities amounting to €7 million. Accounting for an expected cash balance of €1.04 million net debt is anticipated to climb to €34.7 million from €29.8 million as at 31 October 2024. Nonetheless, the net debt-to-EBITDA is forecasted to decline to 5.2 times compared to 5.5 times in the previous financial year due to the anticipated improvement in EBITDA.
  • The gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to remain at the 40% level. Likewise, the debt-to-asset ratio is expected to remain at the 0.36 times level.

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 28 April 2025, Bortex Group Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and financial position of Bortex Group Holdings Ltd. (the Guarantor) for the year ending 31 October 2025:

  • Revenue is expected to increase by 12.0% to €26.7 million as the Group expects higher income from both operating segments, namely apparel (+13.1% to €17.9 million) and hotel operations (+9.9% to €8.78 million). Bortex Group will be opening two new boutique hotels during 2025.
  • EBITDA is projected to surge by 23.4% to a record of €6.62 million reflecting improved margins across both operating segments.
  • Net finance costs are forecasted to drop by 5.8% to €1.22 million, leading to an improved interest cover of 5.4 times compared to 4.1 times in the previous year.
  • Total debt is forecasted to increase by 10.8% to €35.8 million when including lease liabilities amounting to €7 million. Accounting for an expected cash balance of €1.04 million net debt is anticipated to climb to €34.7 million from €29.8 million as at 31 October 2024. Nonetheless, the net debt-to-EBITDA is forecasted to decline to 5.2 times compared to 5.5 times in the previous financial year due to the anticipated improvement in EBITDA.
  • The gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to remain at the 40% level. Likewise, the debt-to-asset ratio is expected to remain at the 0.36 times level.