DFDS cuts growth forecast

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DFDS has cut its growth forecast for the year by four percentage points, blaming uncertainty over Brexit which it says is currently reducing UK trade and visibility.

For the first half of the year, revenue increased ten per cent to DKK 8.1bn and EBITDA before special items increased eight per cent to DKK 1.7bn.

It said the growth in revenue and earnings in the second quarter was mainly driven by the expansion in the Mediterranean and higher passenger revenue.

A reversal of the UK stockpiling in Q1 lowered freight revenue and earnings in Q2 for most activities linked to UK trade. The latter was mitigated by income from an agreement with UK Department for Transport.

The forecast for revenue growth has been lowered from 10-12 per cent to 6-8 per cent, while the forecast for EBITDA growth has been lowered six per cent to DKK3.5-3.8bn.

”Brexit is an exceptional situation currently lowering volumes in our ferry and logistics network. In spite of this headwind, we are still on track to continue our growth this year. The work to deliver on our new strategic and financial ambitions has started and progress is well under way,” said chief executive Torben Carlsen.

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