Danish ferry and logistics company DFDS closed the second quarter of this year with an increase in its earnings despite challenges posed by Brexit.
DFDS’ revenue was up 9% in Q2 2019, rising to DKK 4.2 billion (USD 629.9 million) from DKK 3.9 billion seen in the corresponding quarter last year.
In addition, EBITDA increased 4% to DKK 989 million in the quarter ended June 30, 2019, from DKK 802 million posted in Q2 2018.
As explained, the growth in revenue and earnings in Q2 was mainly driven by the expansion in the Mediterranean and higher passenger revenue.
A reversal of the UK stockpiling in Q1 lowered freight revenue and earnings in Q2 for most activities linked to UK trade. The latter was mitigated by income from an agreement with UK Department for Transport, according to DFDS.
“Brexit is an exceptional situation currently lowering volumes in our ferry and logistics network. In spite of this headwind, we are still on track to continue our growth this year. The work to deliver on our new strategic and financial ambitions has started and progress is well under way,” Torben Carlsen, CEO of DFDS, commented.