DFDS Q1 profit lower due to Easter
In Q1, revenue increased 11% to DKK 3.9bn driven by the expansion in the Mediterranean and stockpiling in UK ahead of the initial Brexit-date end of March. The Easter timing difference vs 2018 lowered passenger revenue.
“The continued expansion of our network drives DFDS’ growth in 2019 and beyond. Despite current headwinds in some markets, we are on track to deliver on our outlook for the year”, says
Torben Carlsen, CEO.
EBITDA before special items for Q1 increased 13% to DKK 677m driven by the Mediterranean expansion and strong performance in North Sea.
Baltic Sea’s result was lowered by one-off additional operating costs as capacity was maintained during dockings, one of which was extended. In addition, the Easter timing difference reduced passenger earnings compared to Q1 2018, especially in the Passenger business unit.
Logistics continued to improve performance in UK & Ireland. In Sweden and Belgium earnings were lower as Q1 2018 included peak earnings from a large contract.
The outlook is unchanged for revenue growth of 10-12% and for EBITDA before special items of DKK 3,800-4,000m (2018 restated to IFRS 16: DKK 3,589m).