On 10 August 2018, GO plc published its condensed interim financial statements covering the six-month period up to 30 June 2018.
During the first half of 2018, GO reported a 4.1% increase in revenues to €84.3 million (H1 2017: €81 million) as the Group’s operations in both Malta and Cyprus continued to experience growth. Likewise, aggregate costs also increased but a slower pace than the increase in revenues. In fact, the cost base of the Group edged 2.9% higher to €68.3 million (H1 2017: €66.4 million), leading to an operating profit of €16 million which is almost 10% higher than the €14.6 million figure reported in the previous comparable period. Excluding depreciation and amortisation charges, EBITDA remained broadly unchanged at nearly €33 million. However, the EBITDA margin deteriorated slightly to 39% from 40.2% in the first six months of 2017.
During the period under review, net finance costs continued to decline and amounted to €0.72 million from €1.09 million in H1 2017.
Overall, GO reported a pre-tax profit of €15.3 million which is over 13% higher than the corresponding figure last year. After taking into consideration a tax charge of €4.93 million (H1 2017: €4.65 million) and minority interests of €0.57 million (pertaining to the shareholding in Cablenet Communication Systems Ltd not owned by GO), the company’s net profits attributable to shareholders amounted to €9.81 million. This represents an improvement of almost 21% over last year.
The Statement of Financial Position shows a 1.4% drop in total assets to €244.1 million when compared to the same figure as at 31 December 2017. Likewise, total liabilities also contracted by 1.4% to €134.8 million whilst shareholders’ funds decreased by 5.1% to €101.4 million. The latter translates into a net asset value per share of €1.001 (31 December 2017: €1.055).
In their commentary, the Directors explained that GO managed to register an improved level of performance despite the various challenges pertaining to the telecoms markets in both Malta and Cyprus. This was possible as the company continues to focus on improving the level of experience delivered to its customers through product innovation and investments whilst also controlling costs.
The Board of Directors of GO resolved to determine the extent of a dividend distribution for 2018 on the basis of the full-year results. Accordingly, no interim dividend was declared.