The London-listed company said the net deficit in the six months to 30 April was £15.67m ($26.82m), up from £13.39m in the same period a year ago.
Revenue fell to £49.2m against £53.28m in the seasonally quieter period of its financial year.
The deficit includes higher unrealised losses on derivatives of £3.9m.
But it has cut costs by £0.3m after integrating its tour operations last year and enjoyed year-on-year revenue growth within its cruise unit.
“The
