Gulf Marine Services PLC (GMS.L), a self-propelled self-elevating support vessels operator, Tuesday announced 10 percent improved revenue in the interim results of the nine months that ended on September 30.
On the London Stock Exchange, the shares are trading 6.83 percent higher at 15.96 pence.
Revenue increased to $138.3 million from $126.1 million in the prior year, mainly aided by improved fleet average day rates; additional leased vessel operation for five months and partially offset by a decrease in fleet utilisation.
Adjusted EBITDA increased by 7 percent to $81.5 million from $76.1 million in the prior year, reflecting higher revenues.
Adjusted EBITDA margin decreased to 59 percent from 60 percent in the prior year.
Looking ahead to 2025, the firm remains confident in achieving its increased Adjusted EBITDA guidance of $101 to $109 million, compared to the earlier announced range of $100 million to $108 million.
The Group continues to target Adjusted EBITDA of $105 to $115 million for 2026.
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