Global Ports Holding PLC on Tuesday announced a swing to profit in its latest half year amid ‘exceptionally strong’ demand, and said it expects ‘further significant growth’.

The London-based cruise port operator reported in its half year results a $3.4 million pretax profit for the six months that ended on September 30, compared with a $4.4 million loss the previous year.

Global Ports said however that revenue dropped 11% to $105.6 million from $118.3 million, despite passenger numbers jumping 54% to 6.7 million from 4.4 million.

Segmental earnings before interest, tax, depreciation and amortisation also rose 54% to $67.6 million. However, Global Ports’s net loss widened to $8.0 million from $7.3 million while its loss per share reduced to 8.0 cents from 11.6 cents.

The company’s cash balance at September 30 was $118.4 million, up very slightly from $118.3 million at the same time one year prior.

‘Our business continues to reach new highs,’ said Chair & Chief Executive Officer Mehmet Kutman. ‘Demand for cruising remains exceptionally strong and our call reservations for calendar year 2024, are supportive of further significant growth in the business.’

Going forward, Global Ports said the global cruise industry has recovered strongly from the Covid-19 pandemic, and that bookings remain very strong for the 2024 season.

‘Our consolidated and management ports are expected to welcome close to 14 million passengers in the 12 months to 31 March 2025, with passenger volumes rising to exceed 16 million once San Juan Cruise Port and St Lucia Cruise Port join the network,’ Kutman added. ‘This will take our annual total passenger volume across all ports...to close to 20 million.’

Shares in Global Ports were flat at 255.00 pence each on Tuesday afternoon in London.

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