Irish Continental suffers revenue drop

2023-12-14T21:51:29+00:00 December 14th, 2023|Finance|

Irish Continental Group (ICG) consolidated group revenue for the first 10 months of this year was €491.4 mill, a decrease of 1.8%, compared with last year.

Pre-IFRS 16 net debt figures were €113.1 mill, compared to €128.7 mill at the end of 2022. Including IFRS 16 lease obligations, net debt figures were €155.2 mill, compared to €171.1 mill.

In the Ferries Division, total revenues recorded in the period to 31st October amounted to €352.9 mill (2022: €338 mill) – including intra-division charter income – a 4.4% increase on 2022’s figures.

For the year to 18th November, Irish Ferries carried 588,700 cars, an increase of 12.2% on the previous year. Freight liftings were 639,900 ro-ro units, an increase of 3.9%, compared with 2022.

Total revenues recorded in the Container and Terminal Division during the period amounted to €165.4 mill (2022: €190.5 mill), a 13.2% decrease. This decrease was predominantly driven by a reduction in volumes carried.

For the year to 18th November, container freight volumes shipped were down 14.6% on the previous year at 248,500 TEU, primarily due to a slowdown in deepsea volumes in the year to date.

ICG said that it had adjusted the capacity to match the current demand situation. Units handled at its terminals in Dublin and Belfast decreased by 3.1% year-on-year to 277,300 lifts.

The EU Emissions Trading System (EU ETS) is due to be phased in, starting on 1st January, 2024. There is no update on the UK position on this issue, ICG said.

Proposed changes in seafarer legislation remain an agenda item in both the UK and France. These may breach international and EU laws with the local employment protection objectives clearly distorting the objective of free movement of workers within the EU.

For 2022, ICG reported total revenue of €584.9 mill and EBITDA of €127.2 mill.