DFDS: Interim and Full-Year Report Q4 2019
- Revenue +1% (Q4) +6% (year)
- EBITDA -9% (Q4) +1% (year)
The UK market for freight and passengers slowed further in Q4 due to Brexit uncertainty. This lowered earnings for several business units, particularly Channel and North Sea.
Logistics Division increased EBITDA 17% in Q4 as contract logistics in UK & Ireland and other activities across the division continued to perform well despite the UK slowdown.
Mediterranean’s revenue development was ahead of expectations in Q4 but a change in the accounting for ferry maintenance and spare part costs added operating costs of DKK 48m. Moreover, port congestion in Trieste lowered the efficiency of train services.
Operational improvements in the route network are on track.
Positive impact from the Win23 strategy initiatives
Negative impact: uncertainty about Brexit
Revenue is expected to grow around 4% and EBITDA before special items is expected to be within a range of DKK 3.5-3.9bn (2019: DKK 3.6bn).