On 19 June 2023, United Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of United Group Limited in 2023:
- Revenues are expected to rise by 21.1% to €6.19 million reflecting the higher level of income expected from the automotive sector.
- EBITDA is projected to amount to €2.95 million compared to €2.19 million in 2022.
- Based on forecasted net finance costs of €1.39 million (2022: €1.22 million), the interest cover is anticipated to improve to 2.12 times compared to 1.79 times in the previous year.
- The gearing ratio (calculated as total debt divided by total debt plus equity) is expected to ease to 66.9% compared to 67.3% as at the end of 2022. Furthermore, in view of the expected improvement in EBITDA, the net debt-to-EBITDA multiple is anticipated to drop to 7.3 times compared to 9.0 times in 2022.
- United Group explained that United Finance plc intends to finance the redemption of the outstanding €8.5 million bonds maturing in November 2023 from the €8.4 million received from United Estates Limited (a related party) in consideration for the sale of GB Buildings in Ta’ Xbiex.