Global Ports Holding PLC - London-based operator of 27 cruise ports in 14 countries - Reports adjusted earnings before interest, tax, depreciation and amortisation of USD28.6 million in the three months that ended June 30, its financial first quarter. This is up 86% from USD15.4 million a year before. Adjusted revenue rises by 60% to USD43.3 million from USD27.1 million, as passenger numbers at the ports the company directly manages increases by 76% to 3.1 million from 1.7 million. Total revenue is USD53.4 million, up 17% from USD45.7 million. Last month, Global Ports reported a significantly narrowed pretax loss of USD9.5 million for the financial year that ended March 31 from USD44.5 million in financial 2022.
Global Ports says occupancy levels at its ports have returned to pre-pandemic levels faster than expected, with an occupancy rate of 108% in June. "Trading across all regions has been positive," it says. "Those ports that had a more muted summer 2022 season have, as expected, experienced a pick-up in trading and our call reservations point towards continued strong performance for the remainder of the fiscal year to March 2024."
Co-Founder, Chief Executive Officer & Chair Mehmet Kutman says: "GPH has had a strong start to the 2024 financial year, and I am delighted with the trading performance across our port network."
Current stock price: 240.00 pence, up 2.1% in London on Friday
12-month change: more than doubled from 90.90p
By Tom Waite, Alliance News editor
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Global Ports (GPH)