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IN BRIEF: Global Ports Holding interim loss narrows on Covid recovery

Tue, 20th Dec 2022 22:01

Global Ports Holding - London-based cruise port operator - Pretax loss in the six months to September 30 narrows to USD4.4 million from USD29.4 million a year ago. Revenue grows 94% to USD118.3 million from USD61.1 million. Passenger number in the first half surges to 4.35 million from 560,000 as Covid restrictions were lifted or eased.

"The global cruise industry continues to recover strongly from the Covid pandemic. While the cruise lines recovery plans mean some itineraries remain different from pre-Covid patterns, the vast majority of the global cruise fleet is now sailing, with only industry occupancy rates left to recover to pre-Covid levels," the company says.

While occupancy rates in the Caribbean are close to or at 100%, occupancy rates in European cruise market are lagging behind the Caribbean, the firm says. Global Ports expects European cruise the occupancy rate to be at pre-pandemic levels by summer 2023.

Current stock price: 128.00 pence

12-month change: down 2.7%

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com