The revenue and earnings of our route network and logistics services continued to grow satisfactorily reflecting steady economic progress in most of Europe’s economies in Q3, including the UK. We are carefully monitoring the possible longer term effects of Brexit as well as the immediate weakening of the pound.
The full-year outlook range for 2016 has been raised following earnings in Q3 above expectations.
The Group’s EBITDA before special items is now expected to increase to a range of DKK 2,525-2,625m compared to a range of DKK 2,450-2,600m previously (2015: DKK 2,041m). The full-year negative currency impact on EBITDA is expected to be around DKK 75m of which the majority is related to GBP.
The Group’s revenue growth is now expected to be around 4% compared to previously around 6%, excluding revenue from bunker surcharges. The change is due to currency changes with an expected full-year negative impact of around DKK 475m, primarily related to GBP.
The English Channel stands out clearly, with a growth in freight volumes of 30% in the third quarter compared with the third quarter of last year.