On November 11, GO plc published its Interim Directors’ Statement detailing activities and providing an update on its performance for the first nine months of 2011. During this period, GO reported that it maintained a robust operating performance from its local operations resulting in healthy level of profitability and cash generation despite the current challenging economic climate and an increasingly competitive market.
During the first nine months of 2011, GO noted that it continued to register strong growth in customer connections, although the rate of growth reduced in line with the high level of penetration and market saturation.
GO also explained that it continues to pursue new revenue opportunities and to drive operational efficiency.
With respect to its Greek investment, GO made reference to the negative impact this had on the overall Group performance during the first half of the year when it incurred a charge of €22.2 million on its investment in Forthnet. GO did not provide an update on Forthnet’s performance during Q3. It simply indicated that it continues to actively monitor the investment with a view of protecting its long term value.
During the six months to 30 June 2011, GO had reported a 1.6% increase in turnover to €65.2 million and earnings before interest, tax, depreciation and amortisation (EBITDA) of €26.1 million when compared to €23.1 million in the first half of 2010. However GO incurred a charge of €22.2 million on its investment in Forthnet leading to a loss of €17.3 million for the first six months of 2011 compared to a loss of €5.2 million registered during the same period last year.