DFDS withdraws from Turkish acquisition agreement
DFDS has terminated its agreement to acquire Ekol Logistics' international transport network due to unmet contractual conditions.
As a result, DFDS has adjusted its 2024 financial outlook, lowering its expected ebit range from DKK 1.7-2.1 billion (USD 0.25 – 0.31 million) to DKK 1.5-1.7 billion (USD 0.20 – 0.25 million) and reducing its projected adjusted free cash flow from DKK 1.5 billion (USD 0.20 million) to around DKK 1.2 billion (USD 0.18 million).
The expected revenue growth range has also been adapted to 8-10% from 8-11%, as anticipated revenue from Ekol Logistics will no longer contribute.
DFDS attributes this revision not only to the cancelled acquisition but also to a broader European market slowdown and heightened competition in Northern Europe and the Mediterranean regions. The Q3/24 report is set for release on 7 November. (pb)