Virtu Finance plc - Updated Financial Analysis Summary

On 25 June 2024, Virtu Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Virtu Maritime Limited (the Guarantor) in 2024:

• Revenues are expected to increase by 5.3% to a record of €56.7 million. Most of the income is forecasted from the ‘Ferry Service, Accommodation & Excursions’ segment which however is expected to ease by 3.6% to €43.9 million, reflecting the transfer out of the Gozo service to the parent company outside of the maritime group. Meanwhile, income from ‘Charter Hire’ is anticipated to surge by 65% to €11.3 million reflecting the new charter of the HSC Maria Dolores on the Spain-Morocco route. Food and beverage sales are expected to improve by 2.2% to €1.5 million.
• EBITDA is projected to surge by 24% to €21.4 million compared to €17.2 million in 2023 principally reflecting the removal of costs related to the Gozo service and the higher margins from the charter business.
• Net finance costs are forecasted to drop by 4.4% to €3.1 million. As a result, the interest cover is anticipated to improve to 6.9 times from 5.3 times in 2023.
• Total debt is forecasted to drop by 14.3% (or €11.1 million) to €66.9 million when including €7.1 million in lease liabilities. Consequently, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to drop to 39.4% compared to 46.2% as at the end of 2023.
• When accounting for an expected cash balance of €8.9 million as at the end of 2024, the net debt is expected to fall by 24% (or €18.6 million) to €58.0 million. Therefore, the net debt to EBITDA multiple is anticipated to drop significantly to 2.7 times from 4.5 times as at the end of 2023.