Copenhagen, May 23, 2014
As Easter occurred in March last year, earnings from passenger activities in Q1 2014 were considerably lower than last year. Moreover, the result in Q1 2013 included a one-off income of DKK 10m related to the acquisition of LD Lines.
“The Q1 result was slightly ahead of our expectations, and that trend continued in April. 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% 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,” says CEO Niels Smedegaard.
North Sea operations achieved strong profit growth underpinned by the continuing recovery of the UK economy. In the Baltic region market conditions were adversely impacted by a Russian ban on meat imports effective from the end of January 2014.
The Logistics Division achieved revenue growth of 14% in Q1 driven by major new contracts, organic growth and two acquisitions.
The profit outlook for 2014 is unchanged an EBITDA of DKK 1,250–1,400m before special items.
Niels Smedegaard, CEO +45 33 42 34 00
Torben Carlsen, CFO +45 33 42 32 01
Søren Brøndholt Nielsen, IR +45 33 42 33 59