Irish Ferries’ owner, Irish Continental Group (ICG) reported a major improvement in revenue for the first half of this year.
Revenue was €263.1 mill, a rise of 85.8% over the previous year’s revenue. EBITDA was up by 272.4% to €47.3 mill.
Operating profit was €17.4 mill, compared with a negative €10.3 mill, while profit before tax was €15.4 mill, compared with a loss of €12.2 mill for 1H21.
The volume of cars carried during the period increased by 618.8% to 214.2.
ICG said that the performance of the ferries operations in 1H22 was significantly improved on 1H21, as travel patterns gradually returned to pre-pandemic levels after the disruption caused by Covid-19 across 2020 and 2021.
The impact of the Dover/Calais operations, which commenced on 29th June 2021, could also be seen in the result for the period, as the service moved to a three-vessel operation with the addition of the ‘Isle of Inisheer’. This operation continued to match expectations, ICG said.
Trading performance for the year to date across all of ICG’s businesses was strong. Despite significant cost pressures in both divisions, the group managed to maintain and grow profitability.
However, ICG’s cost base was affected by higher global prices, particularly fuel prices and charter rates. Thus far, the Group has been successful on passing these costs on to customers. It is essential that the Group continues to do so, ICG stressed.
The Ferries Division enjoyed the benefit of a return to more normal travel patterns, although Irish Ferries is yet to reach pre-pandemic levels. Cars volumes increased on the legacy routes by 190.8%, versus the same period in the previous year.
Subsequently, trading in the key summer months of July and August was ahead of expectations, ICG said.