DFDS today released its first quarterly report for 2014, revealing that the company is living up to its projected performance.
Revenue increased by 5 percent to 2.848 billion kroner and the pre-tax result for the period before special items improved by 8 million kroner, resulting in a loss of 110 million kroner. The operating profit before depreciation and special items (EBITDA) decreased by 9 percent to 91 million kroner.
The press release states that quarter one is a low season, particularly for passenger activities. It is also suggested that the timing of Easter this year, in April instead of March, could explain the drop in EBITDA from last year.
According to Niels Smedegaard, the CEO of DFDS, the results were satisfactory. “The Q1 result was slightly ahead of our expectations, and that trend continued in April,” he said in a press release.
“We are gaining confidence in the economic recovery of Europe, and particularly the recovery of the UK economy. Our customer focus initiative is starting to come through in our top line as our logistics division achieved 9 percent organic growth in Q1. We remain firm on our full-year profit outlook supported by the ongoing recovery of Europe's economies and our continued focus on efficiency and improvement projects.”
The profit outlook for 2014 is an EBITDA of 1.25 to 1.4 billion kroner.