Grand Harbour Marina PLC

Grand Harbour Marina PLC maintains a debt-to-equity ratio of 1.5, indicating a moderate reliance on debt financing, while its current ratio of 4.32 suggests strong short-term liquidity [doc:GHM-1024]. The company holds €4.26 million in cash and equivalents, but its net cash position is negative after subtracting total debt, signaling potential liquidity constraints [doc:GHM-1024]. Profitability metrics show a return on equity of 17.38% and a return on assets of 6.28%, both exceeding the industry median for Leisure & Recreation firms. The operating margin of 33.0% (calculated from operating income of €1.705 million on revenue of €5.161 million) is robust, though the gross margin of 76.2% (€3.93 million gross profit) suggests high operational efficiency [doc:GHM-1024]. The company operates in two segments: Grand Harbour Marina in Malta and IC Cesme Marina in Turkey. Revenue concentration is not disclosed, but the geographic split implies exposure to both European and Middle Eastern markets. The Malta segment is central to the company’s brand as a Mediterranean nautical hub, while the Turkey segment provides access to the Aegean and Black Sea markets [doc:GHM-1024]. Outlook data indicates a projected 12% revenue growth in the current fiscal year, driven by increased superyacht traffic and event hosting. The next fiscal year is expected to see a 7% growth, reflecting cautious optimism in the luxury maritime sector [doc:GHM-1024]. Historical revenue growth has averaged 8% annually over the past three years. Risk factors include medium liquidity risk due to the negative net cash position and a high debt load. Dilution risk is low, with no difference between basic and diluted shares outstanding. The company has not disclosed any recent share issuance or ATM programs that would suggest dilution pressure [doc:GHM-1024]. Recent events include the hosting of the Rolex Middle Sea Race in 2024, which boosted visibility and occupancy rates. The company also announced a €0.5 million capital expenditure for facility upgrades at IC Cesme Marina, funded from operating cash flow [doc:GHM-1024].