Gulf Marine Services (GB:GMS) has released an update.
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Gulf Marine Services PLC reported an increase in revenue to $80.7 million for H1 2024, up 9% from the previous year, driven by demand for its S-Class vessels and improved day rates, despite a slight drop in fleet utilization. However, net profit fell by 15% to $7.4 million due to increased share price impacting the fair value of warrants, along with higher tax and administrative expenses. The company also continued its deleveraging strategy, reducing net leverage ratio to 2.62:1 and making additional debt repayments.
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