(Alliance News) - Global Ports Holding PLC on Tuesday celebrates "remarkable resilience" for the global cruise industry as it raised its guidance for passenger figures.
The London-headquartered cruise operator said passenger figures jumped 51% to 10.2 million in the nine months to December 31 from 6.8 million a year prior. Adjusted revenue surged 47% to USD135.8 million from USD92.2 million, while revenue including construction edged down 13% to USD151.2 million from USD173.9 million.
Revenue per passenger however ticked down 2.2% to USD13.3 from USD13.6.
Adjusted earnings before interest, tax, depreciation and amortisation rose 48% to USD87.7 million from USD59.1 million.
"The global cruise industry has shown remarkable resilience following the challenges posed by the Covid-19 pandemic. Occupancy rates are now at pre-pandemic levels across the industry and bookings for the 2024 season are robust, with major cruise lines reporting strong booking volumes and prices," the company said.
Looking ahead, Global Ports raised its guidance for passenger figures in the financial year that ended on March 31. It now anticipates 13.8 million passengers, up 17% from its previous guidance of 11.8 million.
"While high inflation and rising interest rates globally have led to an uncertain economic outlook, the longer lead time on cruise bookings compared to land based tourism provides significant protection to the cruise industry during periods of macro stress, with passenger volumes rarely negatively impacted. At GPH's ports year-to-date, we have experienced higher than originally expected passenger volumes, driven primarily by a faster recovery in occupancy rates across our port network. The majority of this impact was realised during the first six months of the reporting period," the firm said.
Global Ports shares rose 7.6% to 215.00 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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Global Ports (GPH)