Go AGM reviews positive 2014 results, approves dividend of €0.07

GO plc (GO), today held its seventeenth Annual General Meeting during which the Company’s senior management team provided shareholders with a detailed review of the positive performance achieved by GO during 2014. The meeting also approved all resolutions presented and approved a dividend of €0.07 per share.

Opening the meeting, GO Chairman, Deepak Padmanabhan said, “Our performance has been impressive, with profit before tax increasing 30 per cent to €20.3 million. As a result, we have an even stronger balance sheet, healthy cash flows and a more resilient brand. How are we achieving all this? Two main strategic thrusts continue to drive this business forward. Firstly, we are transforming our core telecommunications business. Secondly, we are pursuing a number of initiatives which allow us to focus on areas with growth potential.”

GO's CEO Yiannos Michaelides also updated shareholders with a detailed review of GO’s operations and the results achieved. These show that operating profit increased by 21.0% to €21.8 million while normalised operating group profit for the year amounted to €24.4 million, an encouraging increase of over 17%.

"Group revenues in 2014 remained stable at €122.3 million, thanks to growth in retail activities which compensated for the decline in revenues from fixed voice and wholesale activities, which occurred as a direct result of regulatory intervention. Normalised EBITDA increased to €49.2 million in 2014, and cash generation from operations amounted to €48.8 million, an increase of €1.7 million over 2013.

“This strong performance clearly demonstrates GO’s ability to out-perform the sector, and is in stark contrast to the challenged profitability levels being registered by many European operators,” said Michaelides, who also discussed a number of factors which have contributed to this success. These include investment in infrastructure where a number of exciting developments in wi-fi, 4G, and particularly fibre are under way; TV content particularly premium sports; product development particularly bundles, IPTV and TV Anywhere; customer service; and human resources.

GO's CFO Edmond Brincat also briefed shareholders on the Group's financial performance and provided an update on GO’s investment through Forgendo Limited in the Greek operator Forthnet , and in the more recent investment, Cyprus-based cable operator Cablenet. Shareholders were also updated about efforts, now in an advanced stage, to unencumber and develop the main  properties in the Group's portfolio which portfolio is  valued at some €50 million.

Padmanabhan stated: “For you as investors in GO, the combined effect of our two-pronged strategy means that your Company is stronger, more valuable, and better able to take the decisions required to make GO’s future prospects even more exciting. It is a future we can, most certainly, all look forward to,”

The presentations were followed by a question and answer session during which shareholders put forward queries and suggestions to GO’s senior management team. The AGM elected the board of directors for the next financial year, approved various resolutions which included the approval of the financial results for the year ended 31st December 2014 and the payment of a net dividend of €0.07 per share (net of taxation).