On 28 June 2022, SP Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of SP Finance plc in 2022:
- Revenues are anticipated to more than double to €4.31 million (2021: €2.03 million) reflecting the rebound in tourism.
- EBITDA is expected to amount to €1.98 million compared to €0.41 million in the 2021 financial year. Nonetheless, the Group is still projecting a net loss of €0.24 million which, however, is significantly lower than the net loss of €1.27 million recorded in 2021.
- The expected financial position as at 31 December 2022 shows a reduction in total assets (-5.4%) and total liabilities (-8%) to €37.7 million and €22 million respectively. Since total debt is expected to drop by 7.8% to €18.8 million, the gearing ratio is anticipated to ease to 54.4% from 56% as at the end of 2021.
- The growth in business is expected to lead to improved credit metrics with the net debt-to-EBITDA multiple dropping to 9.5 times (2021: 48.8 times) whilst the interest cover increasing to 2.3 times (2021: 0.48 times).