28 January 2020 – trading update

A trading update covering the period from 1 August 2019 to 27 January 2020 has been released.  The company continues to focus on disciplined execution of the strategy set out in April 2019.  Full year underlying profit before tax is due to be in line with previous guidance, which is encouraging.  In terms of cruises, forward bookings for 2020/21 were at 76% of full year target levels at the time of the trading update on 28 January, with expectations for £40m of EBITDA per new ship unchanged.  This will provide a meaningful boost and we feel that the market is taking too pessimistic a view on the company.  BUY.