GO reports pre-tax profit of €28.1 million

GO has reported a profit before tax of €28.1 million, the company announced today. 

It said its robust performance was underpinned by significant year on year increases in revenues, which grew by €33.3 million to €157 million, and in group earnings before interest, tax, depreciation and amortisation (EBITDA) which grew by €10 million to €61.6 million, an increase of 19.4%. A dividend of 11c net of tax is being recommended.

CEO Yiannos Michaelides said the fact that the company delivered another very satisfactory year was encouraging and it was now also in a position to look ahead at greater growth potential.

The acquisition of a controlling interest in Cablenet, based in Cyprus, was a major milestone because, whilst consolidating GO's position as the leading telecommunications service provider in Malta, the group now also had a significant presence in another market, which was double the size of Malta.

During the year, the group also acquired a controlling interest in ICT solutions company Kinetix, helping GO move closer to achieving its ambition to become a 360 degree ICT powerhouse in Malta.

These factors, combined with the continuing strong operational performance of the rest...