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Global Ports raises guidance as cruise passenger numbers jump 50%

Fri, 10th Nov 2023 10:47

(Alliance News) - Global Ports Holding PLC on Friday said a surge in the number of people taking cruises gave a boost to adjusted earnings.

The London-based cruise port operator said revenue in the six months to September 30 fell 11% to USD105.6 million from USD118.3 million a year prior. Adjusted revenue, which excludes construction revenue, however rose 50% to USD95.9 million from USD64.1 million.

Adjusted earnings before interest, tax, depreciation and amortisation rose by 59% to USD64.1 million in the half-year from USD40.4 million a year before.

Global Ports said the number of passengers passing through the ports that it manages jumped by 54% to 6.7 million in the recent six months from 4.4 million a year prior. It said that after a "quiet summer 2022", it saw a significant increase in activity throughout the summer 2023 cruise season.

Looking ahead, Global Ports said that, for financial year 2024 ending March 31, it now expects 12.5 million passengers in its ports, upped by 5.9% from previous guidance of 11.8 million. It noted that it saw no slowing in demand.

Global Ports added that the longer-term outlook remains positive. The company expects a need for "significant" levels of investment in cruise port infrastructure to meet the needs of a growing fleet of cruise ships, increased demand, and to accommodate larger cruise ships.

"This growth is creating exciting opportunities for cruise ports but also presents potential risks, as cruise ports will face substantial challenges to meet the demands and needs of the evolving industry. GPH's significant experience and know-how in port and destination development and global cruise port operations, honed from our experience worldwide, means we are well-positioned to play a primary role in both the investment and industry growth in the years ahead," Global Ports said.

Global Ports shares rose 4.0% to 260.00 pence each on Friday morning in London.

By Tom Budszus, Alliance News reporter

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