The GO Group has reported a profit of €17.1 million in the first six months of the year, with improvements in performance, enhanced revenues and underlying customer numbers.

Group revenues for the six month period ended 30 June 2016 amounted to €76.7 million (2015: €60.7 million), earnings before interest, tax, depreciation and amortisation (EBITDA) increased to €29.9 million (2015: €25.1 million) whilst profit before tax increased to €17.1 million (2015: €13.0 million).

During the period under review GO increased its shareholding in the Cypriot telecommunications services provider Cablenet Communication Systems Limited to 51% and also acquired 51% of the share capital of Maltese ICT services provider Kinetix IT Solutions Limited. The consolidation of both these entities has had a positive effect on Group results; for the first time Group revenues include the consolidation of €14.4 million revenue generated by Cablenet. On the other hand, Group results were also impacted by lease charges payable to Malta Properties Company plc, which was spun-off in 2015. 

GO  said it achieved stronger revenues from its own telecommunications business, driven by growth in retail as well as wholesale activities.

It said the rollout of Fibre-to-the-Home is leading to growth in GO’s Broadband and TV client base, as reach extends to new towns and villages. Fixed-voice connections have also stabilised.