Global Ports ups passenger targets after impressive first half

UK-listed Global Ports Holdings, the world's largest cruise port operator, has raised its forecasts for passenger numbers this year after a stronger-than-expected first half.

The company said it now expects to manage 12.5m passengers in the 12 months to 31 March 2024, up from earlier guidance of 11.8m, due to a quicker recovery in occupancy rates.

Looking forward, GPH said that the 2024 calendar year is expected to see available berths across the global cruise fleet reach all-time highs. The major cruise lines have reported strong booking trends for summer 2024 and they "see no signs of demand slowing", the company said in a statement on Friday.

Passenger numbers in the first half ended 30 September soared 54% to 6.7m, helping drive adjusted revenues up 50% to $95.9m. Adjusted EBITDA meanwhile jumped 59% to $64.1m.

"Our cruise ports, after a relatively quiet summer 2022, experienced a significant pick-up in activity throughout the summer 2023 cruise season, which can be seen in the particularly strong growth rates in passenger, revenue and EBITDA in our West Med & Atlantic and Central Med Regions during the first half."

GPH's stock was up 4% at 260p by 1044 GMT.