GO reports healthy financial position in first six months

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First company to live stream its AGM proceedings.

GO p.l.c. has today published its interim financial statements covering the period January to June 2020, a period that was predominantly characterised by unprecedented events brought about by the Covid-19 pandemic.

Despite the consequential disruptions both locally and internationally, GO significantly mitigated the impact on its financial performance due to the immediate measures it implemented at the first indications that the pandemic would hit Malta. 

‘As a company we were well ahead of the game in terms of preparedness to face the challenges that the pandemic brought about. We kept our place at the very heart of the community; we did everything we can to keep people and businesses connected at times when they needed it most, and ensured that we went about our operations in the safest and most efficient way to keep on delivering the desired results,’ said Nikhil Patil, Chief Executive Officer.

During the period under review, group revenue amounted to €91.6 million, an increase of 7.8% over the same period last year. The main driver of this increase related to revenue growth of €5.5 million in Cablenet, GO’s subsidiary in Cyprus, which growth was fuelled by the Company’s diversification into premium sports content. Revenue from data centre operations increased by €0.5 million. The telecommunication’s arm in Malta also registered an increase in revenue. Group EBITDA remained stable compared to the same period last year, however operating profit decreased by €3.9 million mainly due to higher depreciation and amortisation charges.

Cash generation from operations remains strong and stable across the entire Group and during the period under review amounted to €26.1 million (2019: €24.8 million). The continued strong cash generation from operations enabled the Group to fund investments of €30.0 million (2019: €16.9 million).

“GO is truly committed to Malta and its people. The past months have been particularly challenging for everyone, but we all agreed that remaining connected was crucial. Covid-19 showcased the best of what GO is willing to deliver – not only in terms of technology but also through its role at the very heart of the community. We took on an incredibly important role in society – seamlessly connecting people, businesses, front liners and Malta to the rest of the world,” said Nikhil Patil.

The publication of these results comes just one week after GO held its 22nd Annual General Meeting, the first event of its kind to be streamed live for its shareholders. Board Members also participated remotely to respect social distancing rules.

These interim results continue to reflect the positive performance the GO Group experienced during 2019. In his first address as Chairman of GO p.l.c. Mr Samir Saied focused on the importance of technology in these extraordinary times. ‘It has certainly been a challenging year for companies across the globe. The pandemic brought many companies to their knees.”

“GO has been instrumental during these difficult times by increasing its support to the business community in Malta ensuring that they can take their operations online; critical services continued to operate seamlessly whilst citizens remained connected to what matters most to them. This is because GO has always been and shall continue to be at the heart of Maltese society,’ explained Mr Saied. ‘GO has managed all this, whilst carrying on with its ambitious work programme. Our performance is the result of a strategy to continue investing in our business, our technology and our people,” he continued.

During 2019, the Group invested €37 million in its network and digital infrastructure. It is fully committed to continue expanding its fibre network and upgrading its IT systems so that its customers can have the best customer experience.

All resolutions presented during the Annual General Meeting were subsequently approved. The Annual Report and Financial Statements are available online at www.go.com.mt