Irish Continental Group (ICG) has issued a trading update which covers unaudited financial information for the first 10 months of 2024, i.e. up to 31st October.
Consolidated Group revenue in the period was €521 mill (2023: €491.4 mill), an increase of 6%, compared with last year.
For banking covenant purposes, pre-IFRS 16 net debt figures were €82.3 mill, compared to €111.1 mill as at 31st December, 2023. On an IFRS basis to include lease obligations, net debt figures were €189.4 mill, compared to €143.7 mill at the end of 2023.
This increase was attributable to the acquisition of the ropax ‘Oscar Wilde’ under a lease purchase arrangement.
Ferries Division’s total revenues recorded in the period to 31st October amounted to €375.8 mill (2023: €352.9 mill, including intra-division charter income), a 6.5% increase on the previous year.
For the year to 23rd November, Irish Ferries carried 657,000 cars (2023: 592,100 cars), an increase of 11%. Freight carryings were 702,800 roro units (2023: 651,900 units), an increase of 7.8%, compared with 2023.
Total revenues also include customer surcharges related to fuel movements and the cost of emission allowances under the EU Emission Trading System (ETS) since 1st January, 2024.
Container and Terminal Division total revenues recorded in the period to 31st October amounted to €171.3 mill (2023: €165.4 mill), a 3.6% increase on the year, while container freight volumes shipped were 290,600 teu (2023: 254,200 teu) an increase of 14.3% on the previous year, ICG said.
