Displaying items by tag: ICG
Irish Ferries parent company Irish Continental Group has reported a drop in revenues and earnings for the first six months of the year amid a challenging background of depressed economic activity and travel restrictions imposed across the EU because of the Covid-19 pandemic.
ICG said this had led to a significant reduction in passenger traffic, however freight activity across the group has been less affected.
Revenues for the six months to the end of June decreased by 21.6% to €130.8m from €166.8m the same time last year, while EBITDA sank by 66.7% to €10m from €30m.
ICG, which owns Irish Ferries, posted a loss before tax of €11.2m compared with a profit before tax of €24.9m the same time last year.
The company said the trading conditions faced by the group since March, particularly in its passenger business, have been the most challenging encountered in its 32 year history.
More here RTE News reports on this story.
But the group, reports Irish Times, said it remained in a strong financial position to weather the Covid-19 storm.
The ferry company (Irish Ferries) said consolidated revenue for the six months to June 30th 2020 fell 21.6 per cent to €130.8 million, dragged lower by a 65 per cent decline in passenger volumes over the period. Net debt at the end of the period was €103.3 million, down from €129.0 million at the end of December 2019.
The ferries division showed a decline of more than 33 per cent, with revenue at €61.6 million for the year. Passenger cars were down 65 per cent to 56,600, compared with 161,200 a year earlier.
The container and terminal division saw a 6.6 per cent fall in revenues for the six months, as supply chains were disruption by Covid-19. Over the year to July 25th, container freight volumes were 10.5 per cent lower at 178,300 20-foot equivalent units, with units handled at the Dublin Port and Belfast Harbour (see: terminals) down 13.6 per cent year on year to 160,100 lifts.
For further reading click here.
In addition Afloat adds to consult ICG's Trading Update (here) that was released today.
Dublin based Irish Continental Group (ICG) has brought its sixth containership.
Afloat adds that the container vessel was preceeded by another acquisition in April as outlined further below.
On Wednesday the Group released a trading update which saw increased revenue in its passenger /freight division, Irish Ferries.
According to the trading update, in April an acquisition took place of the Thetis D. Afloat can reveal the lo-lo vessel has a capacity for 1421teu. The containership was built in 2009 likewise of the aforementioned CT Rotterdam which was acquired this month.
The group's Container & Terminal Division includes lo-lo shipping activities under the Eucon brand and the operation of two container terminals, Dublin Ferryport Terminals (DFT) and Belfast Container Terminal (BCT).
The trading update for this division, revealed a total revenue volume of €131.0 million in the period to 31 October, this was a 9.1% increase on the previous year. For more on the performance of this sector as part of the Group's overall trading update can be read by clicking here.
Irish Continental Group, the parent company of Irish Ferries has reported revenue of €308.8m in the first ten months of 2019, an increase of 8.2pc on the same period last year.
As the Independent.ie writes, ICG said a "significant" proportion of the improvement came from the ferries division, on the back of improved scheduling reliability following major disruptions in 2018.
Despite this, it experienced "some volatility in carryings as key Brexit dates were approached and subsequently postponed".
The overall effect of this continuing uncertainty "is generating negative impact on consumer sentiment and trade flows as investment decisions are delayed".
For further reading click here.
Maritime transport operator, Irish Continental Group has reported revenue 6% higher for the half year, following the introduction of the WB Yeats cruise ferry on schedule services with Irish Ferries in January.
Earnings per share, reports RTE News, however, were down 16% to 12.8 cent. ICG reported its interim dividend increased by 5% to 4.42 cent.
The company is concerned about the impact of Brexit but says it can pursue other opportunities, and remains confident for continued revenue growth.
ICG sold the Oscar Wilde ferry in April for €28.9 million, following the sale, a year earlier, of the Jonathan Swift for €15.5 million.
Fuel costs increased by €3.1 million to €25.5 million in the six month period.
Click here for more on this story.
The Irish Continental Group (ICG) has said it is totally prepared to meet the challenges posed by Brexit, whatever way those challenges emerge.
At the group’s annual general meeting, John McGuckian, ICG chairman, said, “we’re confident that whatever happens, we will react in an efficient and profitable way”.
Speaking to The Irish Times after the meeting, ICG chief executive Eamonn Rothwell said he’d prefer if sterling wasn’t so weak but he didn’t show concern on the basis that he doesn’t “know what Brexit is yet”. Mr Rothwell added that he doesn’t expect the group to suffer as 40 per cent of travellers on the Irish Sea are travellers originating in Ireland, while the remainder are British.
At the group agm there was no opposition to any of the resolutions, with remuneration practices in the company supported by over 90 per cent of shareholders. The shareholders dividend of 7.76 cent per share was also approved at the meeting. That dividend will be paid in June.
For more including the sale in 2017 of the former Isle of Innisfree (Kaitaki) to a New Zealand operator and results on ICG's ro-ro operations click here.
Revenues at ICG, which owns Irish Ferries, slipped by 1.5% to €330.2m from €335.1m in 2017 while EBITDA fell by 15.6% to €68.4m from €89m
The company's adjusted earnings per share sank over 31% to 30.4 cent in 2018 from 44.1 cent the previous year, while its operating profits slumped by 32.6% to €60m from €89m.
Its fuel costs during the year increased by 19.6% to €48.2m.
During the year Irish Ferries encountered "technical difficulties" with its Ulysses ferry, while it also saw the late delivery of its new WB Yeats ferry. This ferry had been scheduled to start sailing last summer but only entered service in January of this year.
Operating initially on the Dublin-Holyhead route, it is due to switch to the Dublin-Cherbourg route in March.
For more including comment from ICG's chairman, click here.
As The Irish Times reports, Brussels ended duty-free shopping for those travelling between European Union member states in 1999, despite lobbying from the Republic. However, it could return on journeys to the UK depending on the nature of its exit deal.
ICG, owner of Irish Ferries, is one of a number of companies that believes the UK’s exit from the EU next April could herald a return of tax- and excise-free shopping for travellers between that jurisdiction and the Republic.
The group has set aside space for duty-free retailing in a shop on the upper floor of its newest ferry, the €144 million WB Yeats, in case low-cost alcohol, tobacco and perfume make a return following Brexit. The newbuilt cruiseferry as Afloat also reported today is due to operate on the daily Dublin to Holyhead route.
For more from the newspaper on the duty-free development, click here.
#FerryNews - Profits in Irish Continental Group (ICG) almost halved to €29.7 million in the six months ended June 30, the latest figures show.
As The Irish Times reports, ICG whose ferry division Irish Ferries, saw revenue grew slightly to €157.2 million from €156.1 million in the first half of the year.
Profit before tax fell 46 per cent to €29.7 million from €47.5 million during the same period last year.
Earnings per share fell 33 per cent to 15.3 cent in the six months ended June 30 from 22.8 cent in the first half of 2017.
Total equity rose 55 per cent in the period to €240.3 million from €191.3 on June 30 last year.
For more on the financial results, click here.
#FerryNews - Irish Ferries parent company, Irish Continental Group (ICG) said its revenues rose by 1.4% to €96.4m in the first four months of the year.
A trading statement from the company reported an increase in its consumer and freight business during the period.
But ICG said it had taken a €2.5m revenue hit relating to the delay in the arrival of its new WB Yeats ferry.
The ferry had been due to start sailing on the Dublin-Cherbourg route on July 12, but the company making the vessel said its delivery would be delayed which resulted in ICG cancelling a number of sailings.
For more from RTE News click here.