Global Ports Holding PLC on Monday reported a narrowed annual loss and a surge in passenger numbers as the company benefited from the lifting of global travel restrictions.

The cruise port operator reported a significantly narrowed pretax loss of $9.5 million in the year ended March 31, from $44.5 million the year prior.

Revenue in the year jumped 66% to $213.6 million from $128.4 million, as the company’s annual passenger numbers multiplied to 9.2 million from 2.4 million.

Chief Executive Mehmet Kutman said Global Ports’ cruise operations have now returned to, or exceeded, pre-pandemic levels. Kutman also noted a ‘strong start’ to the 2023 cruise season.

‘The outlook for the cruise industry is strong and GPH is well positioned to be a key enabler and beneficiary of its continued growth and success in the years ahead,’ he said.

Shares in the London-based firm were up 1.3% at 202.12 pence on Monday morning in London.

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