DFDS reports increased passenger activity – lower freight volumes

2023-05-12T16:23:34+00:00 May 12th, 2023|Finance|

Danish Ferry and logistics company, DFDS reported a first quarter 2023 revenue increase of 9% to DKK 6.3 bill.

This was driven by the continued recovery in passenger numbers and spending, price increases for freight services to cover rising energy and other costs, and a positive impact from acquisitions.

1Q23 EBITDA increased by 23% to DKK1,007 mill. EBITDA for the freight ferry activities increased 4% to DKK717 mill and EBITDA for the Logistics Division increased by 38% to DKK299 mill.

Freight volumes between the UK and Continent/Scandinavia declined during the quarter, especially on the English Channel, while domestic transport volumes, also in the UK, were more robust. The Ukrainian war lowered freight volumes in the Baltic region, compared to 2022.

EBITDA for passenger activities across the route network increased by DKK100 mill to DKK9 mill, which was on par with 1Q19, the last pre-Covid-19 year.

For the past 12 months (LTM) 2022/23, EBITDA increased 4% to DKK5,160 mill.

The outlook for full year EBITDA of DKK4.5-5 bill is unchanged. Overall revenue is still expected to remain at the same level as last year. An investment outlook of around DKK1.6 bill is also unchanged, excluding acquisitions.

“Our 1Q23 result was ahead of our expectations. We are however closely monitoring our markets, as we continue to develop growth opportunities to enhance our customer offerings.” CEO Torben Carlsen (pictured), said.

For April, DFDS reported a decline in freight volumes of 18.7%, compared to last year’s volumes.

The number of passengers carried last month continued to recover and increased by 22.3% to 406,000, which was equal to 84% of the volumes carried in April, 2019.

The number of cars carried was 79% of the 2019 figure.

For the past 12 months, the number of passengers carried totalled 4.2 mill, compared to 1.4 mill in 2021/22 and 5.1 mill in 2019.