GO plc - Full-Year Results

On 15 March 2023, GO plc published the Annual Report and Financial Statements for the year ended 31 December 2022.

Performance Overview

Total Group revenue increased by 10.8% to a record of €214.6 million (2021: €193.7 million) reflecting growth across all three operating segments. In Malta, the quad play telecoms operator increased its revenue on the back of strong growth in fixed and mobile subscribers as well as higher levels of activity in international wholesale and hardware sales. In addition, GO’s data centre and managed IT services subsidiary BMIT Technologies plc as well as the telecoms subsidiary in Cyprus Cablenet Communication Systems plc both generated record revenues in 2022.

Operating costs net of other income increased by 9.5% to €186.3 million (2021: €170.2 million) reflecting the higher level of business activity. Excluding, depreciation and amortisation charges, EBITDA increased by 11.1% to €81.4 million compared to €73.2 million in 2021. Operating profit (‘EBIT’) surged by 20.7% to €28.4 million resulting in an improved EBIT margin of 13.2% compared to 12.1% in 2021.

Meanwhile, GO incurred higher net finance costs of €6.33 million compared to €5.63 million in 2021.

Overall, GO reported a pre-tax profit of €22.1 million representing an uplift of 23.4% from the comparable figure of €17.9 million posted in 2021. After accounting for a tax charge of €9.87 million and minority interests of €0.59 million, net profit attributable to GO’s shareholders for 2022 amounted to €11.6 million (2021: €9.91 million) which translates into a return on average equity of 12.2% (2021: 9.33%).

The Statement of Financial Position as at 31 December 2022 shows that total assets grew by 7.5% to €396.2 million as the higher balances of property plant and equipment, right-of-use assets, intangible assets, inventories, and trade receivables outweighed the lower amount of cash. Total liabilities increased by 14.9% to €297.2 million principally reflecting the higher level of lease liabilities (+€21.3 million to €55.3 million) and trade payables (+€15.2 million to €102.4 million). As a result, total shareholders’ funds contracted by nearly 10% to just under €99 million.


The Directors of GO are recommending the payment of an unchanged final net dividend of €0.09 per share. Coupled with the interim net dividend of €0.06 (2021: €0.07) per share paid in September 2022, the total net dividend for the year amounts to €0.15 per share which is 6.3% lower than the previous year. The final net dividend is payable on 15 May 2023 to all shareholders as at the close of trading on 5 April 2023 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 11 May 2023.


The CEO of GO noted that 2022 was a record year in terms of the True Fibre roll out, the fastest internet connections technology. During 2022, an additional 50,000 homes were provided with True Fibre to a total of 224,000 homes representing a 63% coverage.  GO anticipates that by the end of 2023, GO’s True Fibre network will achieve coverage of 75%. Meanwhile, the Group continues to expand its 5G network to ensure fast mobile data connections across the Maltese Islands. Looking ahead, GO explained that it will continue to remain focused on investing in innovative products and services whilst also keeping environmental sustainability as a key strategic pillar.