Ferry, terminal, logistics and containership operator, Irish Continental Group (ICG), reported higher profits and revenues for the first half of this year.
This was helped by the continued return towards pre-pandemic travel patterns and continued growth on the Dover/Calais ferry route, operated by subsidiary Irish Ferries.
ICG’s 1H24 revenue increased by 8.1% to €285.5 mill from €264 mill at the same time last year. Profits before tax increased by 4.3% to €14.6 mill from €14 mill.
Basic earnings per share rose by 10.7% to 8.30 cents from 7.50 cents, while the company declared an interim dividend of 5.11 cents, an increase of 5% on the 4.87 cents declared in 1H23.
Irish Ferries’ total passenger carryings increased by 21.9% to 1,331,400 from 1,091.900, while passenger revenues increased by 16.8% over the same period.
The total number of cars carried in 1H24 were 277,200, up 21% on the same time last year.
Meanwhile, freight liftings amounted to 384,800 units, an increase of 10.5% over 1H23. Freight revenues increased by 13.3% on last year.
Revenue in ICG’s Container and Terminal division increased by 1.7% to €103.2 mill from €101.5 mill, while operating profit decreased by 27.5% to €7.9 mill from €10.9 mill.
ICG Chairman, John McGuckian claimed that 1H24 had been a period of further progress for the group.
“The Ferries Division has seen strong growth of 21% in passenger car and 10.5% in roll-on/roll-off freight carryings, as well as good growth in revenues and profitability,” he said.
“In our Container and Terminal Division, containers shipped and port lifts have both increased by 8.7% over the prior period and we expect profitability to improve in the second half of the year.
“The above market growth in our volumes reflects customer belief in our services and trust in our brands and positions the company well for future profitable growth,” he said.
He revealed that Irish Ferries’ position on the Dover/Calais route was strengthened this year with the signing of a space charter agreement with P&O Ferries, allowing for space sharing on each parties’ vessels. encompassing both freight and passenger traffic.
“As previously announced, the initial focus was to start introducing the space sharing for our freight customers over the summer allowing them to benefit from the advantages of a turn up and go service.
“We are now focused on introducing this space charter for our passenger traffic. When fully implemented, the agreement will result in greater flexibility and more choice for all our customers,” McGuckian explained.
Further strengthening on the Dover/Calais came with the introduction of the ‘Oscar Wilde’ (ex P&O Ferries’ ‘Spirit of Britain’). The ropax entered service with Irish Ferries in June.
“With the prospect of lower interest rates and future economic growth, ICG is well placed to capitalise on the opportunities that this will present given the extended footprint of our route structure and the strength of our balance sheet,” McGuckian concluded.
