Gulf Marine Services lifts profit outlook for 2025

(Sharecast News) - Gulf Marine Services has revealed that 2024 profits are likely to be at the upper end of guidance and pointed to further growth in 2025 on the back of strong demand for its vessels this year. The company, which makes self-propelled lift boats that provide a stable platform for delivering services and maintenance to offshore infrastructure, said adjusted EBITDA will be at the top end of the $98m-100m forecast range this year.

For 2025, adjusted EBITDA is now expected to grow to $100m-108m, up from earlier guidance of $92m-100m.

The company said it continues to see strong demand, with solid forecasted utilisation rates and contracted daily charter rates.

Chief financial officer Alex Aclimandos said the company is "thrilled" by the upwards revision.

"The growth in EBITDA, combined with reduced finance costs, will further support GMS's ability to deliver value to clients and investors, as it transitions into a more agile organisation," Aclimandos said.

The stock was up 3.7% at 15.76p by 0949 GMT.