Go revenue up to EUR 172 mln in 2018

Thursday 14 March 2019 | 14:40 CET | News

Maltese operator Go generated revenue of EUR 171.8 million in 2018, an increase of EUR 5.5 million over 2017. Revenue generated by Cablenet represents EUR 33.4 million, up from EUR 31.0 million in 2017. On a standalone basis, Cablenet results show revenue growth of 7.8 percent. Go's BoD recommends the approval of a dividend of EUR 0.14 for 2018.

Revenue generated in Malta has maintained an upward trend, growing by 2.2 percent to EUR 138.4 million. While retail revenue from legacy fixed voice service continued to decline, Go experienced growth in all other retail sectors, particularly through attractive bundling propositions which continue to drive the strong performance at the retail level. During 2018, Go launched new mobile post-paid packages to attract customers to switch to a post-paid package, thus increasing the ARPU. The Group also saw a growth from its business arm which is now offering a one stop shop for all the communications and ICT needs of business users.

EBITDA grew by 6.0 percent to EUR 69.5 million, an increase of EUR 3.9 million over the comparative year. Operating profit amounted to EUR 33.1 million, up from EUR 29.5 million in 2017, representing underlying growth in operating performance of the Group. Profit before tax amounted to EUR 31.7 million, up from EUR 27.9 million in 2017, resulting in an earnings per share of EUR 0.187, up from EUR 0.165 in 2017.

Net cash generated from operations amounted to EUR 52.8 million, a decrease of EUR 4.2 million compared to 2017 due to the increase in tax paid and payments made under the voluntary retirement scheme. The Group’s investments in 2018 netted a cash outflow of EUR 39.7 million, of which EUR 1.9 million represented the acquisition of the remaining 49 percent shareholding in Kinetix, a subsidiary of BMIT Technologies Limited. Investments in property, plant, equipment and intangible assets amounted to EUR 37.8 million, EUR 3.9 million more than the value invested during 2017 as the Group maintains its commitment to continue investing in the latest technologies and expanding its fibre network. This investment programme extends also to Cyprus wherein 2018 it invested EUR 1.7 million more than that invested during the preceding year.

The company's BoD resolved to recommend that the annual general meeting from 28 May approves the payment of a final dividend of EUR 0.14 net of taxation per share. The payment of this net dividend amounts to the total sum of EUR 14.18 million.

Furthermore, the BoD also resolved to approve the payment of a special interim dividend of EUR 0.41 net of taxation per share for the year 2019. The payment of this special interim dividend, amounting to the total sum of €41.5 million, will be made in view of the profits generated from the sale by the company of 49 percent shareholding in BMIT Technologies to the general public in February. Both the final dividend for the year ending 31 December 2018 and the special interim dividend for 2019 will be paid on the 30 May to all shareholders who are on the shareholders’ register as at 26 April.

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Categories: General
Companies: CableNet / Go
Countries: Cyprus / Malta
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