DFDS Group second quarter revenue increased 67% to DKK7 bill, driven by the ongoing recovery in the number of ferry passengers and yields, as well as freight ferry services price increases and logistics solutions.
In addition, revenue was boosted by the acquisitions of HSF Logistics Group in September, 2021 and ICT Logistics in January, 2022.
EBITDA also increased 63% to DKK1,459 mill.
The total freight EBITDA for ferry and logistics activities before special items increased 25% to DKK1,204 mill driven by higher earnings in all of DFDS’ business units.
Total 2Q22 EBITDA for passenger activities in the Channel, Baltic Sea, and passenger business units, increased to DKK255 mill from minus DKK70 mill in the same period of 2021, as earnings improved in all three business units on the back of the ongoing recovery in passenger travel.
However, the 2Q22 passenger EBITDA was still 15% below 2019, the latest pre-Covid year.
On 18th July, 2022, the outlook for EBITDA before special items was raised to DKK4.4-4.8 bill from DKK3.9-4.4 bill, following the stronger than expected recovery in passenger earnings, as well as higher freight ferry volumes and earnings.
Revenue growth outlook was updated to around 40% from around 35%, due to higher revenue from both passenger and freight activities.
Figures released for July showed that total volumes were still 6.2% below those reported in July, 2021.
Overall, activity was robust in the freight markets except for parts of the Baltic Sea region and the Channel Dover Strait corridor.
North Sea volumes were below 2021 levels. UK routes were on par, while routes between Sweden and the Continent dropped.
This decrease was due to lower automotive and paper volumes, as well as high activity for these segments in July last year.
Mediterranean network volumes continued to grow reflecting a high level of Turkish industrial production and exports.
However, the number of passengers increased fivefold to 639,000 equal to 90% of volumes in July, 2019, the latest comparable month pre-Covid.
Transport segments recovered faster than leisure segments. The number of cars equalled 92% of volumes in 2019.
For the last 12 months, the total number of passengers was 2.5 mill, compared to 0.8 mill in 2020/2021 and 5.1 mill in 2019, DFDS said.