Global Ports Holding PLC (LON:GPH) is expecting its full-year results to be “toward the upper end” of its expectations following a strong performance in the first half of the year.
In its first-half results, the cruise ports operator reported an underlying pre-tax profit for the period of US$12.4mln, 8.5% higher than the same period last year, while total revenues climbed 13.7% to US$56.6mln.
Strong cruise division
The growth was bolstered by a strong showing from the firm’s cruise division, which reported revenue growth of 21.1% to US$22.4mln and a 45.2% rise in its underlying earnings (EBITDA) to US$14.7mln.
The group also reported an expansion in its EBITDA margins during the period, its consolidated margin growing by 358 base percentage points to 63.8% compared to the first half of 2017.
In its outlook, the company said that due to its “record” first half performance, it expected to deliver full-year results that would be “toward the upper end of our previously stated expectation of mid to high single-digit organic growth in constant currency Revenue and Consolidated EBITDA”.
Emre Sayin, chief executive of GPH, said that despite the recent volatility of the Turkish Lira, the currency of the country in which most of its ports are located, business had not been affected as “we are a global business with over 95% of revenues in hard currency”, adding that the company was looking to see a record number of passengers at its ports in 2018.