ICG enjoys increased revenue

2022-05-14T11:02:59+00:00 May 14th, 2022|Finance|

On 11th May, the Irish Continental Group (ICG) issued a trading update, which covered carryings for the year-to-date to 7th May, 2022 and financial information for the first four months of 2022.

All the figures were unaudited.

Consolidated Group revenue for the period was €161.2 mill, an increase of 80.5%, compared with last year and a 57.6% increase on 2019.

For banking covenant purposes, pre-IFRS 16 net debt figures were €123.2 mill, compared to €84.6 mill at year end.

Including IFRS 16 lease obligations, net debt figures were €174.2 mill compared to €142.2 mill as at 31st December, 2021.

The increase in net debt was primarily derived from strategic capital expenditure mainly comprising the acquisition of two vessels.

Total revenues recorded in the ferries division in the period to 30th April amounted to €98.3 mill (2021: €37.1 mill) (including intra-division charter income), a 165% increase on the previous year (90.1% increase on 2019).

This increase was principally due to the easing of travel restrictions, compared to the same period last year, increased fuel surcharges and the new Dover/Calais service, which commenced in June, 2021.

For the year to 7th May, Irish Ferries carried 123,600 cars, an increase of 682.3% on the previous year. Freight carryings were 223,900 ro-ro units, an increase of 170.7% compared with 2021. Excluding volumes on the Dover/Calais route, Irish Ferries carried 65,300 cars (an increase of 313.3% on 2021) and 100,800 ro-ro freight units (an increase of 21.9%).

Performance against the previous year in the period since the trading update of 5th March showed strong growth, with car carryings and ro-ro freight (excluding Dover/ Calais liftings) up 442.4% and 17.2%, respectively on the same period in 2021.

Container and terminal total revenues amounted to €71.7 mill (2021: €56.4 mill), a 27.1% increase on the previous year (34.8% increase on 2019).

This increase was predominantly driven by the passing on of increased fuel costs and vessel charter rates.

ICG’s cost base has been affected by higher global prices, particularly fuel costs and charter rates. In order to maintain adequate returns to drive future development it has been necessary to pass these increased costs through to customers.

The ‘Isle of Inisheer’ entered service on the Dover/Calais route on 26th April, 2022, having undergone drydocking and branding changes following her delivery in January, 2022.

In March, the Group acquired a containership, ‘CT Pachuca’, which brings to total to eight container vessels owned by the Group. She entered service with Eucon upon her delivery.

Dublin Ferryport Inland Depot has been operational since January, 2022, allowing for the storage and handling of empty containers off-site.

This has facilitated the commencement of the next stage of ICG’s plans to increase container handling capacity at Dublin Ferryport Terminals.