GO’s group revenue for the first six months of the year rose by 2.5% when compared to the same period last year, with growth in two of its subsidiaries making up for a drop in telecoms income.  

Pre-tax profit for the first six months of 2021 amounted to €7.9 million, a slight decline over 2020. The board of directors resolved to approve the payment of an interim dividend of 7c per share. 

Revenue amounted to €93.9 million, an increase of €2.3 million over the comparative period in 2020, the company said.

The major contributors towards that increase were its subsidiaries BMIT Technologies and Cablenet Communication Systems. 

BMIT Technologies, a data centre operations company, registered an increase in revenues of €1.1 million on the back of a higher demand for data centre, cloud, and managed services. 

Cablenet Communication Systems registered revenue growth of 10.5% compared to the same period in 2020, reflecting the company’s subscriber gains, expansion of its fixed network footprint in Cyprus, and the launch of new mobile services.

Conversely, international travel restrictions contributed to a decrease in local telecoms revenue, particularly through roaming and other international wholesale revenues, it said.

On the expenditure side, the group continued to drive various cost-saving initiatives, while ensuring that cost savings achieved in 2020 are sustained.

Group cost of sales and administrative expenses amounted to €84.7 million, a net increase of €3 million over 2020 and largely attributable to direct costs and ancillary administrative expenses in connection with the setting up, launch, and operation of Cablenet’s new mobile service.  

Consolidated EBITDA for the first six months of 2021 amounted to €34.8 million (2020: €35.5 million).

Depreciation and amortisation amounting to €24.8 million remained on similar levels to 2020, while consolidated finance costs increased by €0.6 million.