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GO reports better results for first six months of the year

Profits before tax up 13%

GO plc has announced improved results for the six month period to June 30, 2018, with growth in revenues, robust cash generation and increased profitability.

Group revenues grew by €3.3 million to €84.3 million with earnings before interest, tax, depreciation and amortisation (EBITDA) of €32.8 million.

Group profit before tax increased by 13 per cent to reach €15.3 million (2017: €13.5 million).

GO said it would continue to invest in its networks, systems, and content, both in Malta and Cyprus, to drive revenue growth and further enhance customer experience.

In the Maltese market, GO has supplied more than 75,000 homes with fibre technology, while in the business segment, it maintained its lead position in the provision of total communications solutions.

In Cyprus, GO’s subsidiary Cablenet continues to expand its network, reaching additional towns and suburbs and enhancing network resiliency. Cablenet’s customer base grew by 7 per cent when compared to June 2017.

Group cost of sales and administration costs amounted to €68.9 million, an increase of €1.9 million over the comparative period. This increase in costs is primarily directly related to an increase in sales activity.

Cash generation from operations remains strong, enabling the group to fund investments of €17.4 million (2017: €15.5 million). GO also exercised its option to acquire the remaining 49 per cent of the issued share capital of Kinetix IT Solutions Ltd, of which it is now the sole shareholder.

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