GO plc - Full-Year Results

On 20 March 2024, GO plc published the Annual Report and Financial Statements for the year ended 31 December 2023.

Performance Overview

Total Group revenue increased by 9.9% to a record of €235.9 million (2022: €214.6 million) reflecting growth across all three operating segments. GO at a company level increased its revenue driven by a strong growth in its subscriber base in both broadband and mobile post-paid connections as well as incremental sales in technical business solutions as well as mobile handsets. 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 2023.

Operating costs net of other income increased by 7.9% to €201.0 million (2022: €186.3 million) reflecting the higher level of business activity and cost inflation throughout the year. Excluding, depreciation and amortisation charges, EBITDA increased by 8.7% to €88.4 million compared to €81.4 million in 2022. Operating profit (‘EBIT’) surged by 23.1% to €34.9 million (2022: €28.4 million) resulting in an improved EBIT margin of 14.8% compared to 13.2% in 2022.

Meanwhile, GO incurred higher net finance costs of €8.19 million compared to €6.33 million in 2022.

Overall, GO reported a pre-tax profit of €26.8 million representing an uplift of 21.3% from the comparable figure of €22.1 million posted in 2022. After accounting for a tax charge of €11.3 million and minority interests of €1.07 million, net profit attributable to GO’s shareholders for 2023 amounted to €14.4 million (2022: €11.6 million) which translates into a return on average equity of 15.8% (2022: 12.2%).

The Statement of Financial Position as at 31 December 2023 shows that total assets grew by 15.6% (+61.9 million) to €458.1 million, mainly consisting of property plant and equipment (€187.6 million), right-of-use assets (€53.2 million), intangible assets (€83.5 million), cash and equivalents (€49.2 million) and total receivables (€60.0 million). Total liabilities increased by 20.7% (+€61.4 million) to €358.6 million principally reflecting the higher level of borrowings (+€44.1 million to €169.5 million). Furthermore, total shareholders’ funds were 1.6% higher at €92.1 million.


The Directors of GO are recommending the payment of a final net dividend of €0.05 per share (2022: €0.09). Coupled with the interim net dividend of €0.07 (2022: €0.06) per share paid in September 2023, the total net dividend distribution for the financial year 2023 amounts to  €0.12 per share. The final net dividend is payable on 4 June 2024 to all shareholders as at the close of trading on 26 April 2024 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 30 May 2024.

GO also distributed an extraordinary interim dividend of €0.15 per share in February 2024 following the successful completion of the sale of GO’s passive mobile infrastructure to BMIT.


The Chairman of GO noted that GO has invested over €100 million in True Fibre networks. By the end of 2024, GO plans to reach nationwide True Fibre coverage and provide everyone with the best and fastest broadband technology available. Meanwhile, the Group continues to invest in its 5G network to ensure fast mobile data connections with resilient and reliable service. Looking ahead, GO explained that it is poised for further growth and innovation fuelled by an unwavering commitment to excellence and environmental responsibility.