In a trading update up to 3rd May, 2025 and a financial report for the first four months of 2025, Irish Continental Group (ICG) said that the introduction of tariffs by the US administration had created uncertainty for some trading flows.
This risked damaging consumer confidence, which may lead to some companies deferring investment plans. All of these factors may dampen world growth prospects.
However, given the strength of the business model and its balance sheet, ICG continued to avail of macro market weakness to expand its footprint on financially attractive terms.
Recent examples are the purchase of the cruise ferry, ‘James Joyce’ and the purchase of another containership.
Consolidated Group revenue for the period was €189.5 mill (2024: €177 mill), an increase of 7.1%, compared with last year.
For banking covenant purposes, pre-IFRS 16 net debt figures were €145.2 mill, compared to €56.6 mill as at 31st December, 2024.
On an IFRS basis to include lease obligations, net debt figures were €247.9 mill, compared to €162.2 mill at the end of last year.
The increase in net debt was due primarily to the vessel acquisitions and share buybacks during the period.
ICG’s Ferries Division total revenues recorded in the period to 30th April amounted to €118.8 mill (2024: €119.7 mill) (including intra-division charter income), which was a 0.8% decrease on the previous year.
For the year to 3rd May, Irish Ferries carried 140,800 cars (2024: 151,500 cars), a decrease of 7.1% on the previous year. Freight carryings were 259,400 ro-ro units (2024: 260,900 units), a decrease of 0.6%.
The beginning of 2025 was impacted by the closure of North Wales Holyhead Port. This has had a detrimental impact on the Ferries Division’s volumes.
However, with the partial re-opening of the port in mid-January 2025, ICG has seen a more normal market.
Total revenues also included customer surcharges related to fuel movements and the cost of emission allowances under the EU Emission Trading System (ETS).
Container and Terminal Division total revenues recorded in the period to 30th April amounted to €80.9 mill (2024: €68.8 mill), a 17.6% increase on the previous year.
For the year to 3rd May, container freight volumes shipped were 132,800 TEU (2024: 103,300 TEU) an increase of 28.6% on the previous year.
Volumes handled at ICG’s terminals in Dublin and Belfast totalled 123,500 units (2024: 112,500 units), an increase of 9.8% year-on-year.
