Global Ports Holding PLC - London-based operator of 27 cruise ports in 14 countries - Reports adjusted earnings before interest, tax, depreciation and amortisation of $28.6 million in the three months that ended June 30, its financial first quarter. This is up 86% from $15.4 million a year before. Adjusted revenue rises by 60% to $43.3 million from $27.1 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 $53.4 million, up 17% from $45.7 million. Last month, Global Ports reported a significantly narrowed pretax loss of $9.5 million for the financial year that ended March 31 from $44.5 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

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