Grand Harbour Marina plc - Interim Results

On 27 August 2025, Grand Harbour Marina plc published its interim financial statements covering the six-month period ended 30 June 2025.

Revenue surged by 22% to €2.51 million (H1 2024: €2.06 million) reflecting higher income from both pontoons as well as superyachts.

In line with the higher level of business, total operating costs increased by 25% to €1.67 million. Nonetheless, operating profit grew by 17% to €0.84 million (H1 2024: €0.72 million) and the EBIT margin eased slightly to 33% (H1 2024: 35%). Excluding depreciation charges, EBITDA climbed by 14% to €1.06 million, which translates into an EBITDA margin of 42%.

Meanwhile, net finance costs increased by 10% to €0.40 million, reflecting lower levels of interest income.

The share of profit from the associate IC Çeşme Marina amounted to €1.19 million, compared to €3.26 million in the same period last year, which had been boosted by a reduction in foreign exchange losses following IC Çeşme’s repayment of euro-denominated loans.

Overall, GHM reported a pre-tax profit of €1.63 million (H1 2024: €3.66 million). After accounting for a tax charge of €0.20 million, the net profit for the period under review amounted to €1.43 million.

The condensed Statement of Financial Position as at 30 June 2025, compared to the corresponding figures as at 31 December 2024, shows that total assets decreased by 1.7% to €37.5 million, which includes cash balances of just under €10 million and investments in debt securities of €4.5 million. Likewise, total liabilities decreased by 1.9% to €24.7 million, whilst the equity attributable to shareholders eased by 1.5% to €12.7 million.

Outlook

In their commentary, the Directors noted that GHM continues to monitor international developments, such as global conflicts and the potential worldwide trade war. Nonetheless, GHM reaffirmed that it is well-positioned to meet the challenges of economic uncertainty.