GO plc - Full-Year Results

On 16 April 2025, GO plc published the Annual Report and Financial Statements for the year ended 31 December 2024.

Total Group revenue increased by 3.8% to a record of €244.9 million (2023: €235.9 million) reflecting growth across all three reporting segments. Consolidated telecommunication and data centre services climbed 2.3% to €209.7 million, sale of goods increased by 15.1% to €27.7 million and other services increased by 9.3% to €7.5 million. The company highlighted that in Malta’s broadband market, GO surpassed 112,500 customers accounting for 46.8% market share. Meanwhile, within Malta’s mobile segment GO gained an additional 10,000 customers which consolidated its second place standing with a market share of 34.8%. In Cyprus, Cablenet increased its mobile subscribers by 10% and expanded its broadband coverage to 230,000 homes.

Operating costs net of other income increased by 4.3% to €209.6 million reflecting the higher level of business activity, employee salaries, and operational restructuring. Excluding depreciation and amortisation charges, EBITDA increased by 2.4% to €90.6 million compared to €88.4 million in 2023. Operating profit (EBIT) increased by 0.8% to €35.2 million. The EBITDA Margin eased to 37.0% (2023: 37.5%) while the EBIT Margin eased to 14.4% (2023: 14.8%).

Meanwhile, net finance costs increased by 3.7% to €8.5 million.

Overall, GO reported a pre-tax profit of €26.7 million, practically unchanged from the previous year. After accounting for a tax charge of €11 million and minority interests of €1.2 million, net profit attributable to GO’s shareholders amounted to €14.5 million in line with the previous year. This translates into a return on average equity of 17.0% (2023: 15.8%).

The Statement of Financial Position as at 31 December 2024 shows that total assets dropped by 6% (or €27.5 million) to €430.6 million, largely reflecting the three dividend payments paid during the calendar year, including the one-time net dividend of €15.2 million paid in February 2024, which represented part of the proceeds received from GO’s transaction with BMIT Technologies in 2023 of passive infrastructure. Total liabilities fell by 4% (or €14.2 million) to €344.4 million, with total debt virtually unchanged at €220 million consisting of €173 million in borrowings and €47 million in lease liabilities. Shareholders’ funds dropped by 15% (or €13.8 million) to €78.3 million.

Dividend

The Directors of GO are recommending the payment of a final net dividend of €0.08 per share (2023: €0.05). Coupled with the interim net dividend of €0.05 (2023: €0.07) per share paid in September 2024, the total net dividend for the financial year 2024 amounts to €0.13 per share, which is 8.3% higher than the previous year.

The final net dividend is payable on 24 June 2025 to all shareholders as at the close of trading on 16 May 2025 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 19 June 2025.

Outlook

The Chairman of GO noted that the future of the Group will be defined by continued innovation, sustainability, and an unwavering commitment to customers. The CEO explained that the €100 million Fibre-to-the-Home project is on the verge of completion, five years ahead of schedule. With respect to the main subsidiaries, the CEO explained that Cablenet remains focused on expanding its mobile business, growing its fibre network, and enhancing profitability, whilst navigating market challenges. Meanwhile, BMIT Technologies will continue to drive innovation, expand cybersecurity, invest in AI-driven automation, and explore international growth. The Directors also noted that GO is also actively contributing to Malta’s green transition through the recent acquisition of AQS Med Ltd.